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Report: Patrick Mahomes agrees to 10-year, $503 million contract extension with Chiefs

The Chiefs apparently have figured out how to keep their franchise quarterback Patrick Mahomes for the next decadse.

Guards unloading an armored truck. Photo by Wallace Kirkland/The LIFE Picture Collection via Getty Images

UPDATE 6:20 p.m.: NFL Network is reporting the deal is actually worth $503 million, with $477M in “guarantee mechanisms.” It also reportedly gives the ability for Mahomes to have outs if the “guarantee mechanisms” aren’t exercised. There is also a no-trade clause, and it’s not entirely clear what a “guarantee mechanism” is.

UPDATE 5:02 p.m.: The deal is worth $450 million, with an injury guarantee of $140 million, per Adam Schefter. He is also reporting the contract does not contain language that ties its value to a percentage of the salary cap.

UPDATE: Adam Schefter is reporting the deal is worth over $400 million, but it is not entirely clear how much over that figure.

The Kansas City Chiefs have been working with Patrick Mahomes and his agent on a long-term extension, and they appear to have figured out a loooooooon-term solution. Mahomes has agreed to terms on a ten year contract extension, according to ESPN’s Adam Schefter.

Mahomes was under contract through the 2021 season, with the Chiefs having exercised his fifth year option earlier this year. Schefter said the ten-year deal would keep him in Kansas City through 2031, which suggests this is ten years added on to his current deal. He likely is getting a massive signing bonus while retaining his current $825,000 base salary. He was due $24,837,000 in 2021 under the fifth year option.

Given the length of the deal, speculation right now is that he will be getting a percentage of the cap on later years. We can start to estimate cap figures, but with a deal that is double or more of most contract extensions, there is a certain amount of guess-work on what the cap will look like and thus what salary makes the most sense. Agreeing to some kind of percentage of the cap guarantees a team knows at least what percentage it has for the rest of the roster.

The only other ten-year contract in NFL history was the deal Michael Vick signed with the Atlanta Falcons in 2015. As noted by Dov Kleinman, the deal was through 2014 worth $130 million, but Vick was released by 2009.

Mahomes and the Chiefs are coming off a Super Bowl victory, and big things are expected once again in 2020. DraftKings Sportsbook has installed a host of Mahomes and Chiefs odds for the coming season.

Passing yards: 4,500.5
Passing touchdowns: 34.5
To win MVP: +400
To win Offensive POY: +800
Chiefs to win AFC: +300
Chiefs to win Super Bowl: +600