Patrick Mahomes on 10-Year, $503M Chiefs Contract: 'We're Chasing a Dynasty'

Patrick Mahomes shared a video on Twitter to coincide with his extension with the Kansas City Chiefs.  

The 2018 MVP wrote he's "here to stay" and "chasing a dynasty" alongside his teammates and Chiefs fans.

According to Steinberg Sports, Mahomes and Kansas City agreed to a 10-year pact worth $503 million. The contract will begin when his rookie deal expires after the 2021 season, so he will be signed through 2031.

Many expected the 24-year-old to receive a record-breaking contract at some point. His $45 million annual salary smashes the previous high, owned by Seattle Seahawks star quarterback Russell Wilson ($35 million).

While the length of the extension is eye-popping, it isn't unprecedented. The Philadelphia Eagles signed Donovan McNabb to a 12-year, $115 million deal in 2002.

Because NFL contracts aren't guaranteed, the Chiefs and Mahomes could sever their partnership at some point down the road. The Eagles traded McNabb to Washington ahead of the 2010 season.

But Mahomes should have plenty of time to build something long-term and lasting in Kansas City.