Earlier on Monday, reports emerged that the Kansas City Chiefs had agreed to a 10-year contract extension with Super Bowl MVP quarterback Patrick Mahomes.
The financial details of the deal are now known, and they're historic.
NFL Network's Ian Rapoport and Tom Pelissero reported that Mahomes' deal could be worth $503 million when all is said and done. The contract includes $477 million in guarantee mechanisms and keeps him linked with the Chiefs through the 2031 season:
The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause— Ian Rapoport (@RapSheet) July 6, 2020
ESPN's Adam Schefter reported the contract includes an injury guarantee of $140 million.
Final Patrick Mahomes’ deal:— Adam Schefter (@AdamSchefter) July 6, 2020
10-year extension worth up to $503 million.
It includes $477 in guarantee mechanisms and the ability for Mahomes to have outs if guarantee mechanisms aren’t exercised.
Mahomes was represented on the deal by @chriscabott and @leighsteinberg.
Rapoport added that Mahomes, who turns 25 years old in September, signed the largest player contract in sports history. It's the first time an NFL player is the highest-paid individual among professional athletes:
It’s the first half Billion dollar player in sports history and the largest contract in sports history. It’s also the first time an NFL player has been the highest-paid player in sports history. https://t.co/dSzKmS7wbM— Ian Rapoport (@RapSheet) July 6, 2020
Mahomes earned regular-season MVP honors his first year as a full-time starter in 2018. The following campaign, he guided the Chiefs to a Super Bowl victory over the San Francisco 49ers and won the MVP award for his performance.
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Figures via Spotrac.