The Kansas City Chiefs and Patrick Mahomes have restructured his agreement, giving him $210.6 million between 2023 and 2026, the most money in NFL history over a four-season span. His compensation for those years is now guaranteed, the quarterback’s agent told ESPN’s Adam Schefter on Monday.
The Chiefs and Mahomes plan to revisit the agreement again after the 2026 season, Equity Sports CEO Chris Cabott, who negotiated the deal on behalf of Mahomes, told Schefter.
Mahomes became the NFL’s highest-paid player in the summer of 2020 when he signed a 10-year extension worth $450 million. No player has since topped that contract in terms of total value, but several quarterbacks have passed Mahomes in average annual pay, including four this year — Lamar Jackson, Jalen Hurts, Justin Herbert and Joe Burrow.
Burrow was the latest to reach agreement — on a five-year, $275 million extension with the Cincinnati Bengals that includes $219.01 million guaranteed — a deal that averages $55 million per season.
The flurry of new contracts left Mahomes as the eighth-highest-paid player at his position before Monday’s agreement. He will average $52.6 million over the next four seasons with his restructuring, putting him more in line with the recent quarterback deals.
“I don’t know that there’s really a way to quantify it financially, and no matter what he makes over his career, one way or another, he’ll be underpaid,” Chiefs chairman Clark Hunt said when asked how the Chiefs went about determining Mahomes’ worth.
Mahomes, 28, has been named NFL MVP twice and led the Chiefs to two Super Bowl victories — being named the game’s MVP both times — in his first six seasons. The Chiefs are 1-1 this season, his seventh in the NFL.
Mahomes’ contract runs through the 2031 season.