After several quarterbacks recently signed lucrative new contracts, Patrick Mahomes' deal with the Kansas City Chiefs doesn't look as good as it once did for the former NFL MVP.
Per Doug Kyed of Pro Football Focus, Mahomes' contract with the Chiefs could be sweetened "sooner than later" to put him back at or near the top of the quarterback hierarchy.
Mahomes signed the largest contract in sports history when he agreed to a 10-year extension with the Chiefs in July 2020, which included $450 million in new money and was valid through to the end of the 2031 season. The total value of the deal could climb to $503 million with incentives.
When the deal was signed, it made Mahomes the highest-paid quarterback in the NFL by total value, average annual salary ($45 million) and total guaranteed money ($141 million).
Per Over the Cap, Mahomes now ranks fourth among all quarterbacks in average annual salary and fifth in total guaranteed money.
Aaron Rodgers ($50.3 million), Kyler Murray ($46.1 million) and Deshaun Watson ($46 million) rank above Mahomes in average annual salary. Watson ($230 million), Murray ($160 million), Rodgers ($150.7 million) and Josh Allen ($150 million) have more total guaranteed money.
Rodgers, Murray and Watson all signed their deals this offseason. Allen signed his six-year extension with the Buffalo Bills in August 2021.
Lamar Jackson is still negotiating an extension with the Baltimore Ravens, but some projections have him commanding at least $46.5 million per season on a new deal.
The Chiefs have already taken the approach of giving one of their stars more money when his current contract fell behind the top of the market at the position. Travis Kelce got a $3 million raise by restructuring his deal and moving money from the latter years of the contract into 2022.
Mahomes' track record of success since taking over as Kansas City's starter in 2018 is as good as any quarterback in the NFL. The 26-year-old has been named to the Pro Bowl in each of the past four seasons, has two top-three MVP finishes (winning in 2018) and two top-two Offensive Player of the Year finishes.
Kansas City has reached the AFC Championship Game in each of Mahomes' first four years as the starting quarterback. The team won Super Bowl LIV after the 2019 season and lost to the Tampa Bay Buccaneers in Super Bowl LV the following year.