Six years ago, the Kansas City Chiefs announced an eye dropping 10-year contract extension with quarterback Patrick Mahomes worth a $450 million. Mahomes was coming off of his first Super Bowl victory and the soon to be 25-year-old passer had established himself among the league’s most recognizable players.
Predictably, the $45 million annual salary soon proved below the market rate as other young quarterbacks signed lucrative new deals. The Chiefs responded in 2023 by moving some of the contract
forward. While the average value still lagged behind his peers on paper, Mahomes was set to make $210 million — the most money in the league over a four-year period.
The next major adjustment to the contract came on Wednesday. ESPN’s Adam Schefter reported that Mahomes and the Chiefs had agreed to an extension on the contract through 2033.
The new agreement adds two more years to existing contract. Mahomes is receiving over $239 million in new money starting in 2027. Beginning next season, Mahomes’ average annual earnings will lead the league at $64 million per season.
Mahomes will officially have a contract worth over half a billion dollars at $504.75 million. Schefter adds that the first four seasons will be fully guaranteed. More of the pact will become guaranteed in the future through contract mechanisms.
A new contract for Mahomes was widely expected due to the structure of the 2023 renegotiation. On paper, Mahomes was scheduled to go from earning $52.9 million in 2027 to only $27.2 million in 2028. No one, including the Chiefs, expected that to actually happen.
The structure and long-term salary cap ramifications will become clear in the coming days. Because the Chiefs had already reduced Mahomes’ base salary for 2026 to $1.3 million via a restructure in February ahead of free agency, it is unlikely the new contract will provide significant immediate salary cap relief.
On the other hand, multiple restructures had ballooned impending salary cap numbers for Mahomes, with the quarterback scheduled to count $85.3 million against the 2027 limit. Expect the new contract’s structure to immediately address his figure for next season.
When more details are available, we will be back with an in-depth look at the structure of Mahomes’ new contract — and what it means for the team Kansas City can put around him for the second half of his career.
