Patrick Mahomes and the Kansas City Chiefs have agreed to a restructured NFL contract that adds two years to his deal and ties the two-time MVP to the franchise through the 2033 season, according to The Associated Press.
The revised agreement pushes Mahomes' total compensation to $504.75 million, with incentives and escalators that could take it to $522.25 million. AP reported the terms through a person familiar with the deal because the Chiefs do not disclose contract financials.
Mahomes Deal Moves Past Half A Billion
Mahomes signed a 10-year, $450 million contract in 2020. The reworked deal now keeps him under contract through a season in which he will be 38.
The structure also raises Mahomes' average annual value after a run of quarterback contracts reshaped the market. AP reported that Dak Prescott's four-year deal had carried a league-leading $60 million annual average, while Mahomes' revised pact averages $63.1 million.
Mahomes' resume remains the reason Kansas City keeps building this way. AP credited him with nearly 36,000 passing yards, six Pro Bowl selections, three Super Bowl titles and five trips to the championship game.
Chiefs Keep Flexibility Around Their Quarterback
Kansas City and Mahomes have regularly adjusted his contract in past offseasons to give the team financial flexibility. This version does that while also moving his pay closer to the top of the quarterback market.
Chiefs chairman Clark Hunt pointed to Mahomes' place in the franchise's modern run, with AP reporting that the quarterback has helped Kansas City reach five Super Bowls and win three championships.
Rehab Continues After Knee Surgery
The contract update comes during Mahomes' return from season-ending surgery last December, when AP reported he tore ligaments in his left knee late in a loss to the Los Angeles Chargers.
Mahomes has spent the offseason rehabbing in Kansas City and has been on the field throughout the Chiefs' offseason program. Coach Andy Reid said earlier in workouts that Mahomes was working hard and that throwing work was useful for his rehab and timing with receivers.
The Chiefs open the preseason against the Los Angeles Rams on Aug. 15. Their regular-season opener is Sept. 14 at Arrowhead Stadium against the Denver Broncos, the defending AFC West champions.