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Kansas City Chiefs to restructure QB Patrick Mahomes' contract to create over $20M in salary cap space

Originally posted on A to Z Sports | By Charles Goldman | Last updated Mar 12, 2024 9:40 PM ET

The Kansas City Chiefs are making an expected move to clear salary cap space ahead of Wednesday afternoon's deadline.

According to ESPN's Adam Schefter, the Chiefs are set to restructure Patrick Mahomes' contract to free $21.6 million in salary-cap space. They'll do so by converting a portion of Mahomes' $34.9 million roster bonus into a signing bonus.

Patrick Mahomes will be restructuring his contract to create an additional $21.6 million worth of salary-cap space for the Chiefs as they aim to become the first NFL team to three-peat, per league sources. pic.twitter.com/PxpJ5j8ZPj
— Adam Schefter (@AdamSchefter) March 12, 2024

All 32 NFL teams must be salary cap compliant by 4:00 p.m. ET on Wednesday. That means the top 51 contracts on the 90-man offseason roster for Kansas City and all other clubs must not go over the $255.4 salary cap number for 2024.

This move should get Kansas City out of the red as they were projected to be around seven million over the cap with recent moves. It'll also allow them to get back involved in free agency after they've been relatively quiet in the first two days of legal tampering, outside of re-signing Chris Jones to a massive deal. There are plenty of top free agents remaining including a few receivers out on the market.

They could also, of course, use the funds to extend CB L'Jarius Sneed, who is currently on the franchise tag. Sneed reiterated his desire to stay in Kansas City at a charity event on Tuesday afternoon.

This article first appeared on A to Z Sports and was syndicated with permission.

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