Patrick Mahomes signs record-breaking 10-year contract extension
Update 7/6/2020: Chiefs quarterback Patrick Mahomes signs record-breaking 10-year, $450 million contract extension
According to ESPN’s Adam Schefter, Mahomes’ deal will be worth a total $450 million but not include any earnings percentage tied to the salary cap. However, the final structure will ultimately tell the whole story of this record-breaking extension.
Original story 7/6/2020: Chiefs quarterback Patrick Mahomes signs record-breaking 10-year contract extension
Five months after leading the Kansas City Chiefs to their second Super Bowl title — their first since the 1969 season — Patrick Mahomes has reportedly agreed to a contract extension with the team that will reset the quarterback market. As first reported by ESPN’s Adam Schefter, the pact will add 10 years to Mahomes’ current rookie deal (which is set to expire after the 2021 season) and make him the highest-paid athlete in sports.
While full contract details are yet to be reported and will naturally dictate how the deal actually impacts the Chiefs’ salary cap in the coming years, some basic information is already known at least partially:
- The deal will run through the 2031 season.
- Mahomes will make more than $400 million and likely surpass the $426 million contract Mike Trout signed with the MLB’s Los Angeles Angels last year.
- The deal could set a new precedent by including a salary cap share or other stipulations ensuring that Mahomes remains a top-paid player.
The full details of the deal will certainly be interesting to see, because they could ring in a new era of NFL contracts and how they are negotiated. It also will serve as a benchmark for other major deals coming further down the road for Houston Texans passer Deshaun Watson and Dak Prescott of the Dallas Cowboys. All that is happening, of course, only a week after the New England Patriots signed former league MVP Cam Newton to a one-year, $1.05 million contract.