NFL Rumors: Patrick Mahomes’ Massive Contract Extension Worth $503M

We all knew the Kansas City Chiefs wanted to lock up quarterback Patrick Mahomes to a long-term contract before his current deal expired.

The question always was, “for how much?”

Well throughout Monday afternoon, various reports gave us quite the idea.

ESPN’s Adam Schefter first reported the 2018 league MVP had agreed on a 10-year deal with the Chiefs expected to be worth more than $450 million. That contract already would have given Mahomes the richest salary in sports, but it’s gone beyond that in terms of breaking records.

As it turns out, he may be the first athlete on the planet to get offered a salary worth half of a billion dollars.

According to both Schefter and NFL Media’s Ian Rapoport, the extension actually is worth up to $503 million, which includes $477 million in “guarantee mechanisms” (whatever that means), with the ability for Mahomes to opt out if those guarantees aren’t exercised by the Chiefs.

Final Patrick Mahomes’ deal:

10-year extension worth up to $503 million.

It includes $477 in guarantee mechanisms and the ability for Mahomes to have outs if guarantee mechanisms aren’t exercised.

Mahomes was represented on the deal by @chriscabott and @leighsteinberg.

— Adam Schefter (@AdamSchefter) July 6, 2020

“It’s the first half Billion dollar player in sports history and the largest contract in sports history,” Rapoport noted. “It’s also the first time an NFL player has been the highest-paid player in sports history.”

It’s the first half Billion dollar player in sports history and the largest contract in sports history. It’s also the first time an NFL player has been the highest-paid player in sports history. https://t.co/dSzKmS7wbM

— Ian Rapoport (@RapSheet) July 6, 2020

The Chiefs officially announced they reached an agreement with Mahomes, but no dollar amount officially has been revealed.

We have signed QB Patrick Mahomes to a 10 year extension. Mahomes secured with Chiefs for the next 12 seasons. pic.twitter.com/ZsADdVkvxZ

— Kansas City Chiefs (@Chiefs) July 6, 2020

But if reports are true, then Mahomes is having himself quite the year.

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