Patrick Mahomes and the Kansas City Chiefs have agreed to a contract extension with an NFL record total value of $504.75 million, Mahomes’ agency Equity Sports announced Wednesday.
The agreement adds two years to Mahomes’ deal, according to multiple reports, putting him under contract with Kansas City through 2033. ESPN was the first to report the deal.
Mahomes signed a then-record 10-year, $450 million contract (with an additional $50 million available via incentives) in July 2020, putting him under contract through 2031. The Chiefs have restructured the deal multiple times to lower Mahomes’ cap hit, but this is the first time since then that new years or money have been added. Before this extension, Mahomes had slipped to 13th in average annual value among quarterbacks, per Over the Cap.
With the extension, Mahomes will be under contract for at least three years longer than any other quarterback. No other active QB is on a contract longer than six years, and the second-largest total value of a contract behind Mahomes’ new deal is $330 million (Josh Allen).
How is Mahomes progressing after mid-December knee surgery?
Mahomes, who had surgery in mid-December for a torn ACL and LCL in his left knee, has participated during installs, individual drills and 7-on-7 during organized team activities and mandatory minicamp the last few weeks. He’s still being held out of team 11-on-11 settings as a precaution, and he told reporters in late May that he wasn’t running or cutting much then, as both would be among his next recovery milestones.
Even when he’s not on the field, Mahomes serves as a critical voice during practices. On Wednesday at minicamp, for example, he jawed at defenders during 7-on-7 drills to turn up the competitiveness on both sides. He also shouted out encouragement to second-year receiver Jalen Royals — “Good catch, 1-1!” — from the sideline after Royals made a standout play during the team portion of practice.
Mahomes has publicly stated a few times that his goal is to return for the Chiefs’ season-opening home game against the Denver Broncos on Sept. 14.
Chiefs general manager Brett Veach, during an interview that was broadcast to Chiefs fans attending practice Wednesday, described Mahomes as the “ultimate leader.” He lauded the QB for his extensive rehab work, saying on a recent Monday when he showed up to the Chiefs facility, the only other person there was Mahomes.
Coach Andy Reid has also praised Mahomes for his exhaustive rehab effort, getting a chance to see it firsthand this offseason while he was recovering from his own knee surgery.
“All I have to be able to stand up on the sideline. So mine’s a little bit easier than what his is,” Reid said with a laugh during the NFL annual meeting in March. “But he’s done a great job of attacking it. I’ve been right there, been able to watch him do it.” — Jesse Newell
This story will be updated.
