Chiefs, Patrick Mahomes make NFL history with reworked contract

The Kansas City Chiefs do not know exactly when starting quarterback Patrick Mahomes will make his 2026 debut, as he continues to recover from last year's ACL injury.  They do, however, know how long he is going to be the focal point of their roster.

They reportedly extended that timeline by another two years on Wednesday, reworking his current contract to extend him through the 2033 season.

Those added years and the additional new money make him the first half-billion-dollar player in NFL history.

Patrick Mahomes ' reworked contract now has historic value

According to ESPN's Adam Schefter and Ian Rapoport, Mahomes' reworked contract contains $239 million in new money, bringing the total value of his contract to $504.75 million.

The first four years of the new contract are guaranteed at signing, while all $504 million becomes guaranteed through other contract mechanisms. 

The contract can also climb to $522 million with other incentives and escalators, while the new average salary of $64 million is an NFL record for annual salary. 

Understandably, both sides would want to get something like this done.

Even though he is coming off a major injury, is now into his 30s and has seen his play drop a bit over the past two years (at least compared to his previous standard), he remains one of the most dominant and important players in the NFL. As long as he is healthy, the Chiefs always feel like they have a chance. And they do always have a chance. The 2025 season was the first time since Mahomes became the Chiefs' starter that they did not play in at least the AFC Championship Game, while he has taken the team to five Super Bowls and already won three of them. 

There is not a more valuable and important position in North American pro sports than an elite starting quarterback, and when you get one, you do not want to let them get away under any circumstances.

That is especially true when that quarterback is already one of the best of the modern era. 

It is also understandable that Mahomes would want to get more money on his deal given the rising cost of quarterback salaries around him, where second-and even third-tier quarterbacks are starting to get closer to the $50 million per year range and beyond.

Mahomes is on a different level than everybody in the NFL in terms of ability and success. Now he is again being paid to reflect that reality. 

There have been other players in pro sports to sign contracts worth more than $500 million, including Major League Baseball superstars Shohei Ohtani (Los Angeles Dodgers) and Juan Soto (New York Mets), both of whom signed contracts worth over $700 million.