The Kansas City Chiefs and Patrick Mahomes have restructured his contract, ensuring he will receive $210.6 million between 2023 and 2026. This four-season sum is the highest in NFL history and is now fully guaranteed, as confirmed by the quarterback's agent. The Chiefs and Mahomes plan to revisit the agreement after the 2026 season, as stated by Equity Sports CEO Chris Cabott, who negotiated the deal on Mahomes' behalf.
Back in the summer of 2020, Mahomes became the NFL's highest-paid player when he signed a 10-year extension worth $450 million. While no player has surpassed the total value of that contract, several quarterbacks have exceeded Mahomes in terms of average annual pay, including Lamar Jackson, Jalen Hurts, Justin Herbert, and Joe Burrow, all in the current year.
Joe Burrow, the most recent addition to this list, secured a five-year, $275 million extension with the Cincinnati Bengals, which includes $219.01 million guaranteed and averages $55 million per season.
Before the recent agreement, Mahomes ranked eighth in terms of pay among quarterbacks. With the restructuring, he will average $52.6 million over the next four seasons, aligning him more closely with the earnings of other quarterbacks who have signed lucrative deals.
Chiefs chairman Clark Hunt emphasized that determining Mahomes' true value is challenging to quantify financially, and regardless of his career earnings, he will likely be considered underpaid given his achievements, including two NFL MVP awards and leading the Chiefs to two Super Bowl victories in his first six seasons. Mahomes' contract remains in effect until the 2031 season.