Chiefs QB Patrick Mahomes agrees to terms on restructured contract for record pay day
The days of Patrick Mahomes being underpaid relative to his QB counterparts are at an end.
Mahomes and the Kansas City Chiefs have agreed to terms on a restructured contract that pays the QB $210.6 million between 2023 and 2026, the most in history over a four-year span, NFL Network Insiders Ian Rapoport and Tom Pelissero reported on Monday. The agreement could reach $218.1 million with escalators by the end of 2026.
The $210.6 million is guaranteed over the next four years, per Rapoport and Pelissero.
Sides also plan to revisit the deal again after the 2026 season, effectively cutting the remaining years on the deal from eight to three.
In simple terms, the Chiefs moved up money to adequately compensate the NFL's best player and shortened the deal to give Mahomes another shot at a pay day as QB contracts continue to rise.
In 2020, Mahomes agreed to a 10-year, $450 million extension with the Chiefs that put him under contract through the 2031 season.
Following Joe Burrow's contract extension, Mahomes dropped to eighth among quarterbacks in average annual salary at $45 million, behind Burrow, Justin Herbert, Lamar Jackson, Jalen Hurts, Russell Wilson, Kyler Murray and Deshaun Watson. Now, the new cash flow gets Mahomes back to where he belongs near the top.
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