Chiefs Sign Patrick Mahomes To 10-Year Extension Worth Up To $503M

Update:

Ian Rapoport adds that Patrick Mahomes‘ new 10-year extension with the Chiefs is worth $503 million with $477 million in “guarantee mechanisms” that give Mahomes the ability to have outs if these “mechanisms” aren’t exercised.

Rapoport explains that guarantee mechanism in Mahomes’ contract requires the Chiefs to essentially guarantee Mahomes’ salary a year out or release him if they don’t pick up the option.

Beyond that, Mahomes receives a no-trade clause, according to Rapoport.

Mike Jones of USA Today reports that the base value of the contract is $477 million with another $25 million available in incentives. 

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Adam Schefter of ESPN reports that the Chiefs have agreed to a 10-year contract extension worth $450 million with QB Patrick Mahomes on Monday that will keep him in Kansas City through the 2031 season.

Mahomes’ new contract includes $140 million guaranteed for injury, but does not contain language that ties its value to a percentage of the salary cap, according to Schefter. 

Schefter says Mahomes’ new contract will be the richest deal in NFL history. The 10-year extension will be tacked on to the two years remaining on Mahomes’ current deal, which gives the Chiefs 12 years of total control.

There was some speculation that Mahomes’ contract would be tied to a percentage of the salary cap for each season.

However, Schefter says the Chiefs were adamant that they would not tie a new Mahomes’ deal to the percentage of the cap.

Mahomes posted the following on Twitter following the news of his new contract: 

Here to stay. . .! ⏰⏰ pic.twitter.com/mfwMga3Kl0

— Patrick Mahomes II (@PatrickMahomes) July 6, 2020

The Chiefs have also announced their 10-year deal with Mahomes:

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

Statement from Chiefs’ owner Clark Hunt:

“This is a significant moment for our franchise and for the Chiefs Kingdom. Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports.”

Statement from Chiefs’ GM Brett Veach:

“We’re going to continue to do everything we can to surround him with talent, and this deal provides us more flexibility to do that. We’re thrilled he’s going to be the quarterback of the Chiefs for a long time.”

Statement from Chiefs’ HC Andy Reid:

“I’ve had the privilege of coaching a lot of incredible athletes and special people in my career, and Patrick is without question on that list of players. The best part is he’s still early in his career.”

Mahomes, 24, is a former first-round pick of the Chiefs back in 2017. He was currently in the final year of a four-year, $16.4 million contract which is fully guaranteed and included a $10 million signing bonus when the Chiefs picked up his fifth-year option a few months ago. 

The fifth-year option is guaranteed for injury only is projected to cost the Chiefs $24,837,000 for the 2021 season. 

In 2019, Mahomes appeared in 14 games for the Chiefs and completed 65.9 percent of his passes for 4,031 yards to go along with 26 touchdowns and five interceptions. He has also rushed for 218 yards and two touchdowns.