Patrick Mahomes and the Kansas City Chiefs agreed to a 10-year contract extension on Monday. Not surprisingly, the deal is the richest ever for a player in NFL history. Not only that, but it is the largest contract handed out to a player in sports history.
Mahomes’ new contract adds 10 years onto the two he had remaining on his rookie deal, so he is now tied to the Chiefs through 2031. According to ESPN’s Adam Schefter, the contract is worth $450 million.
Compensation update: Patrick Mahomes’ 10-year extension is worth $450 million, sources tell ESPN.
The injury guarantee is $140 million, per source.
The contract does not contain language that ties its value to a percentage of the salary cap.
Richest deal in sports’ history.
— Adam Schefter (@AdamSchefter) July 6, 2020
There was speculation that Mahomes’ massive contract might be tied to a percentage of the salary cap, especially with the uncertainty surrounding the NFL due to the coronavirus pandemic. However, Schefter noted that there is no language like that in the deal.
The average annual value of Mahomes’ deal is $45 million. Russell Wilson was previously the highest-paid quarterback in the NFL with his $35 million salary, so Mahomes dwarfed that number.
This is the first offseason Mahomes was eligible to sign an extension, and it couldn’t have come at a better time for him. The former No. 10 overall pick was named NFL MVP in 2018 after he threw for 5,097 yards, 50 touchdowns, and 12 interceptions. He then had a frightening injury scare last season but returned to lead the Chiefs to a Super Bowl win. Mahomes threw for 286 yards, two touchdowns and two interceptions in the game and was named Super Bowl MVP.
Interestingly enough, Dak Prescott and the Dallas Cowboys are in a contract stalemate because Prescott wants a shorter deal from the team. It’s unclear what impact — if any — Mahomes’ contract will have on the negotiations between Prescott and the Cowboys.