Patrick Mahomes signs $504.75 million Chiefs extension, reclaiming top spot among NFL quarterbacks

The deal

The Kansas City Chiefs and quarterback Patrick Mahomes have agreed to a restructured contract that adds two years to his existing deal, tying him to the franchise through the 2033 season. The total value of the contract is $504.75 million, with incentives and escalators that could push the figure beyond $520 million. Mahomes' agency, Equity Sports, announced the agreement on Wednesday.

Over the last decade, Patrick has become one of the most iconic and beloved sports figures of all time. Patrick is a generational talent and an exceptional human being, and I am thrilled that he will continue to lead our team into the future.

Market context

The extension makes Mahomes the highest-paid quarterback in the NFL by average annual value at $63.1 million per year. He moves ahead of Dak Prescott, whose four-year deal with the Dallas Cowboys averages $60 million annually. Before this extension, Mahomes had slipped to 13th among quarterbacks in average annual value, according to Over the Cap. Recent deals for Prescott, Jordan Love, Joe Burrow and Josh Allen had reset the quarterback market.

Mahomes' contract history

Mahomes signed a 10-year, $450 million contract in July 2020 that set a benchmark for any NFL player. The Chiefs have restructured that deal multiple times in offseasons to lower his salary cap hit, but this is the first time since 2020 that new years or money have been added. The latest extension keeps Mahomes under contract for at least three years longer than any other active quarterback. No other active QB has signed a contract longer than six years, and the second-largest total value behind Mahomes' new deal is Josh Allen's $330 million.

Injury and recovery

Mahomes underwent season-ending surgery last December after tearing ligaments in his left knee during the closing minutes of a loss to the Los Angeles Chargers. He has spent the entire offseason rehabbing in Kansas City and has participated fully in the Chiefs' offseason program, which concludes Thursday with the final day of a mandatory three-day minicamp. Mahomes said last month he hoped to be ready for the NFL season starting in September.

Legacy

Mahomes, 30, has led the Chiefs to three Super Bowl victories and five appearances in six seasons. He is a two-time league MVP. The Chiefs missed the playoffs last season after Mahomes' injury. The franchise confirmed the extension on its X account with the message: "He is our number one quarterback and you will not have him."