Patrick Mahomes Rumors: Chiefs QB Restructures Contract, Creates $9.6M in Cap Space

The Kansas City Chiefs performed some salary-cap gymnastics on Wednesday, turning $12 million of quarterback Patrick Mahomes' roster bonus into a signing bonus, according to ESPN's Field Yates.

The result was an additional $9.6 million in cap space.

Mahomes will still have a roster bonus of $22.4 million and a cap hit of $39.7 million for the 2023 season, per Spotrac. It's the second year in a row that Mahomes has converted some of that bonus into a signing bonus to clear cap space for the Chiefs.

The superstar quarterback and two-time MVP is one year into a 10-year, $450 million deal.

How the Chiefs use their new savings remains to be seen.

The team has already brought in offensive tackle Jawaan Taylor and defensive lineman Charles Omenihu, while safety Juan Thornhill (Cleveland Browns), wideout JuJu Smith-Schuster (New England Patriots), fullback Michael Burton (Denver Broncos), defensive tackle Khalen Saunders (New Orleans Saints) and offensive tackles Andrew Wylie (Washington Commanders) and Orlando Brown Jr. (Cincinnati Bengals) have signed elsewhere.

Defensive end Frank Clark is also a free agent after playing in Kansas City last season.

One major need for the Chiefs comes at wide receiver, especially with Smith-Schuster departing. It is not a strong market for the position this offseason, with Odell Beckham Jr., DJ Chark and Adam Thielen among the top options still unsigned.

Another option could be a trade, with DeAndre Hopkins continuing to be at the center of rumors. The 30-year-old would give Mahomes a huge weapon in the passing game, with defenses left with the unenviable task of trying to game-plan for both Hopkins and superstar tight end Travis Kelce.

But Hopkins also has a cap hit of $30.7 million next season and $26.2 million in 2024, and those figures combined with whatever assets the Chiefs would have to sacrifice in a trade may make him an unrealistic target.

Regardless, Kansas City has some more breathing room when it comes to the cap after Wednesday's news.