Report: Tyreek Hill, Chiefs 'Deep' in Talks for New Contract Worth over $20M Per Year

The Kansas City Chiefs are reportedly looking to sign receiver Tyreek Hill to an extension, according to Ian Rapoport of NFL Network:

"Tyreek Hill and the Kansas City Chiefs are deep in talks on a contract extension that will pay him more than $20 million per year," Rapoport reported. "Likely to be a shorter-term extension, perhaps three years. It is not done yet, but certainly this is something that could happen in the coming days."

Hill is heading into the final year of his contract, while his $20.7 million cap hit is the second highest in the NFL among receivers, per Spotrac. 

A new deal would not only lock up Hill for future seasons, but it could also ease the team's cap burden for 2022. The Chiefs are currently $10.5 million over the cap, second-worst in the league, per Spotrac. 

As Rapoport noted, the Chiefs could restructure Hill's contract and use the extra space to sign another receiver.

Hill will still be among the highest-paid receivers in the league, which is fitting after earning a Pro Bowl selection in each of his six NFL seasons. The 28-year-old has been named a first-team All-Pro three times in his career, twice as a receiver and once as a kick returner.

In 2021, Hill set a career high with 111 receptions, third-most in the league behind Cooper Kupp and Davante Adams, while adding 1,239 receiving yards and nine touchdowns. He has 56 career receiving touchdowns to go with six rushing and five special-teams touchdowns.

The playmaker has been a key part of a Chiefs offense that has ranked in the top six in scoring in each of the last five years, winning one Super Bowl and two AFC titles in this stretch.

Kansas City is now set to reward him with a new contract while also creating the financial flexibility to improve the overall roster.