First a Super Bowl championship. Now a new lucrative contract.
It's good to be Patrick Mahomes.
The Kansas City Chiefs have agreed to a 10-year contract, $503 million extension with their quarterback to keep him under team control through 2031, with Steinberg Sports noting the deal includes $477 million in guarantee mechanisms:
Steinberg Sports @SteinbergSports
Congrats to @PatrickMahomes on agreeing to terms on a 10-year extension worth $503 Million. He gets $477M in guarantee mechanisms and ability to have outs if guarantee mechanisms aren’t exercised. No trade clause. First half billion dollar player in sports history. History made. https://t.co/beSGN4jyej
Tom Pelissero of NFL Network tweeted out a year-by-year breakdown of the deal:
According to Ian Rapoport of NFL Network, $106 million will be fully guaranteed by March.
It is the richest contract in NFL history, per ESPN's Adam Schefter. He noted the extension does not include language that ties Mahomes' salary to the salary cap.
This has been in the works for some time. Schefter reported in January 2019 the team was expected to extend the Texas Tech product following the 2019 season when he first became eligible for such a deal. He noted Mahomes was expected to land a record-breaking contract that would end up "dwarfing" Green Bay Packers quarterback Aaron Rodgers' annual average of $33.5 million.
Jason La Canfora of CBS Sports echoed those sentiments in a January 2020 report.
According to La Canfora, Kansas City was looking to give Mahomes a deal worth at least $40 million per year with more than $100 million in guaranteed money, breaking Seattle Seahawks quarterback Russell Wilson's average annual mark of $35 million per year.
Talk about a pay raise.
Mahomes was previously under contract through the 2020 season with a fifth-year option available in 2021. Per Spotrac, he was set to make just $825,000 in base salary in 2020 after earning $645,000 in base salary in 2019.
It would be a massive understatement to say he was underpaid compared to his peers, though he was still on his rookie deal until this latest extension.
It is difficult to envision a better start to an NFL career than the one Mahomes has enjoyed. The Chiefs selected him with the No. 10 overall pick in the 2017 NFL draft, and he became the full-time starter in his second season. He won league MVP and the Offensive Player of the Year Award in 2018 behind 5,097 passing yards, 50 touchdown throws and 12 interceptions.
He reached the AFC Championship Game that season only to lose a heartbreaker in overtime against the eventual champion New England Patriots.
Mahomes then took the next step in the playoffs during the 2019 campaign as a Super Bowl champion and Super Bowl MVP. He also earned his second Pro Bowl nod with 4,031 passing yards, 26 touchdown throws and five picks.
While the Chiefs will pay him significant money with this deal, there is plenty to like outside of the production.
He is just 24 years old, already one of the faces of the league, a fan favorite in Kansas City and primed for nothing but success for seasons to come. He will just be paid a lot more now while he is doing it.