Kansas City Chiefs quarterback Patrick Mahomes has agreed to a new contract extension with the team, extending his tenure well into the next decade. The Chiefs and Mahomes reached a deal on Wednesday that adds two years to his current contract. The total value exceeds half a billion dollars, according to a source familiar with the agreement. This source requested anonymity as the Chiefs typically do not disclose financial details.
This new agreement extends Mahomes’ contract through the 2033 season, by which time he will be 38 years old. The contract has a value of $504.75 million, but incentives and escalators could increase this amount to $522.25 million. Just a few years ago, in 2020, Mahomes signed a landmark 10-year, $450 million contract, setting a precedent for both quarterbacks and football players in general.
Chiefs chairman Clark Hunt praised Mahomes’ contributions, citing his leadership in five Super Bowl appearances and three championships. Hunt also highlighted Mahomes’ role in enhancing the team’s brand and raising Kansas City’s profile globally.
The latest extension offers Mahomes a significant raise, especially after recent contracts for other quarterbacks like Dak Prescott, Jordan Love, Joe Burrow, and Josh Allen have redefined the quarterback market. Prescott’s four-year contract averages $60 million per year, while Mahomes’ new deal averages $63.1 million annually.
Mahomes’ agency, Equity Sports, and its CEO, Chris Cabott, celebrated the new extension on social media, emphasizing the ongoing success of Mahomes’ career.
Despite undergoing surgery last December for a knee injury sustained during a game against the Chargers, Mahomes has been committed to his recovery. He has participated in offseason programs and is on track to start the regular season. Chiefs coach Andy Reid expressed satisfaction with Mahomes’ progress during recent workouts.
The Chiefs’ preseason opener is set for August 15 against the Rams, and their regular-season opener is against the Denver Broncos on September 14. Mahomes has remained focused on his rehabilitation, stating that his ultimate goal is to be prepared for Week 1 of the season.
Since taking over as the starting quarterback in 2018, Mahomes has shattered numerous records. He has passed for nearly 36,000 yards, received six Pro Bowl nominations, and secured three Super Bowl titles. Although the Chiefs had a 6-11 record last season, Mahomes remains committed to achieving greatness both individually and as part of the team.