NFL Rumors: Chiefs' Patrick Mahomes Expected to Sign Record Contract Before Season

Three years after signing a 10-year, $450 million contract extension, Patrick Mahomes could receive a new deal from the Kansas City Chiefs before the start of the 2023 season.

Per Pro Football Talk's Mike Florio, the two-time NFL MVP is expected to sign a contract that will make him the highest-paid player in league history.

When Mahomes signed his first extension in July 2020, it included additional guarantees could push the total value of the deal up to $503 million.

Even though the deal was the richest in NFL history by total value, Mahomes took a team-friendly contract that gave the Chiefs flexibility to add more high-end talent in free agency.

It's not a coincidence that Kansas City is looking at a new deal for Mahomes right now. General manager Brett Veach told reporters prior to the draft they will "look at everything and assess" where contracts are at after Justin Herbert and Joe Burrow sign their extensions.

Jalen Hurts (five years, $255 million) and Lamar Jackson (five years, $260 million) have already signed lucrative new deals this offseason that made them the two highest-paid quarterbacks by average annual salary.

Spotrac's market value metric projects both Herbert and Burrow to sign contracts worth more than $300 million over six years.

Burrow's projection of $322.6 million is slightly higher than Herbert's ($304.9 million), though the nature of quarterback contracts means whichever one signs first will end up getting the smaller deal.

Depending on what the extensions for Burrow and Herbert end up being, there's a chance Mahomes could end up with a deal that averages close to $60 million per season.

Florio noted one potential solution for the Chiefs would be to add three years more to the end of his current contract that runs through the 2031 season.

Mahomes certainly has all of the leverage to ask for whatever kind of deal he wants. The 27-year-old won his second MVP award last season after leading the league in passing yards (5,250) and passing touchdowns (41).

The Chiefs have made it to the AFC Championship Game in each of Mahomes' five years as their starting quarterback, including two Super Bowl victories.