"The most exciting thing about this contract is this is a total commitment and love for Kansas City from Patrick," Veach told reporters Tuesday.
Mahomes signed a 10-year extension worth a maximum of $503 million, the richest deal in the history of sports, on Monday.
While the numbers are jaw-dropping, Mahomes' deal is very team friendly—to the point the first half-billion-dollar contract in sports could be considered a bargain. The Chiefs will pay out the vast majority of Mahomes' deal via massive roster bonuses. It will essentially be a year-to-year contract that will give the Chiefs an option to bail if Mahomes stops playing MVP-caliber football at any point.
The likeliest restructure point will come in 2027, when Mahomes will be due a $49.4 million roster bonus and $10 million base salary. Even if NFL revenue continues to climb as expected, Mahomes' $60 million cap hit provides a natural point of renegotiation—provided he is still among the best players in football. It is likely Mahomes' deal will reset the market to the point it looks like a relative bargain come renegotiation time.
Veach said the team views the contract as a "legacy deal" for Mahomes, who said Tuesday he signed the contract in part to help the team build around him long term.
"Not only does it give me the security I've always wanted, but it allows the team to be great throughout my entire career," Mahomes told reporters.
If that's the goal Mahomes had in mind, it's likely all parties walked away satisfied with the record-setting contract.