18 September 2023 , 21:16
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Patrick Mahomes has restructured his contract at the Kansas City Chiefs, making him the most paid player in the NFL between 2023-2026.
The Chiefs quarterback penned a groundbreaking deal in 2020 as he signed a 10-year, $450 million (£363.3m) contract extension. The decade-long deal was almost unheard of at the time, but due to growing finances in the sport he found himself down to eighth on the list of highest-paid NFL players at the start of this season.
To reward Mahomes, the Chiefs have agreed to bring forward the money owed until 2030, meaning he'll earn $210.6 million (£170m) by 2026. Equity Sports CEO, Chris Cabott, helped negotiate the deal on behalf of Mahomes and prioritised cash over guarantees in the contract.
Jalen Hurts, Justin Herbert, Joe Burrow and Lamar Jackson all surpassed Mahomes' contract this offseason, as figures for a record contract in the NFL were broken four times this summer alone. But now Mahomes will be the highest-paid player through 2026, and the Chiefs will then look to extend his current agreement again.
It'll have repercussions on the short-term future of the Chiefs salary cap, although there's no new money being thrown at Mahomes as what they were set to pay him has just been fast-tracked. As part of Mahomes' restructured deal there's a $208.1 million (£168m) injury guarantee, $133.7 million (£91.8m) in full guarantees and a $20.57 million (£16.6m) signing bonus.
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Mahomes is seen as the best quarterback in the NFL, and even at the age of 28 many consider him as one of the greatest to ever play the game. Mahomes has inspired two Super Bowl wins for the Chiefs since being drafted back in 2017.
The quarterback from Texas Tech declared for the draft with high expectations, but he's since surpassed those. Mahomes was the second quarterback selection in the 2017 NFL Draft, being taken with the 10th pick by the Chiefs.
Mahomes could extend again with the Chiefs in 2026The likes of Mitch Trubisky, Myles Garrett, Mike Williams, Leonard Fournette and Christian McCaffrey were all selected ahead of him. The Chiefs traded up to secure the 10th pick and get their man.
This past offseason has been expensive for teams extending the deals of their starting quarterbacks, with the Philadelphia Eagles signing Hurts to a $255 million (£205.9m), five-year deal. This was then surpassed by the Baltimore Ravens who paid Jackson $260 million (£209.9m) for five years.
Then the Los Angeles Chargers and Herbert agreed terms on a five-year, $262.5 million (£212m) contract extension. Burrow and the Bengals then exceeded them all with a five-year, $275 million (£222m) contract that was announced on the first NFL weekend, but Mahomes' deal is now clear as Week 2 draws to a close.