Patrick Mahomes has secured a major contract extension with the Kansas City Chiefs, adding two years to his existing agreement. The extension is reported to be worth $239.05 million. This increases the total contract value to $504.75 million, extending through the 2033 season. The entire sum becomes fully guaranteed with certain incentives and escalators possibly raising it to $522.25 million. This translates to over half a billion dollars guaranteed, even if Mahomes never plays another game.
Starting in 2027, when the new terms take effect, the contract will average an NFL record of $64 million annually. While these figures are impressive, they come as no surprise. In September 2023, Mahomes restructured his contract with an understanding to revisit terms after the 2026 season. For 2026, his average annual value (AAV) is set at $45 million, ranking 13th among NFL quarterbacks. This is significantly lower than Dak Prescott’s top league figure of $60 million per year. Given Mahomes’ performance, it was expected that adjustments would occur sooner rather than later.
In 2020, Mahomes signed a 10-year contract extension worth $450 million with the Chiefs. At that time, it was the largest contract in North American sports history. The then-average of $45 million annually seemed massive. However, in today’s NFL landscape, nearly half of the quarterbacks earn at least that amount. By the conclusion of the 2025 season, Mahomes will have earned close to $232 million from his NFL contracts alone. By the end of his current contract, his career earnings on the field could approach a billion dollars.
Off the field, Mahomes has lucrative endorsement deals that bring in around $20 million each year. He partners with brands like State Farm, Adidas, Oakley, and Head & Shoulders. Additionally, he is a minority owner of MLB’s Kansas City Royals and has investment stakes in MLS’s Sporting Kansas City and NWSL’s Kansas City Current. These ventures contribute to his estimated net worth, which is around $160 million, making him one of the wealthiest professional athletes today, at only 30 years old.