KANSAS CITY, Mo. (AP) — The Chiefs and reigning NFL MVP Patrick Mahomes agreed to a restructure of his 10-year, $450 million contract that gives him a substantial boost in pay over the next four seasons, two people familiar with the deal told The Associated Press on Monday.
The people spoke to the AP on condition of anonymity because they were not authorized to discuss the contract.
The revised agreement pushes some of the money Mahomes was scheduled to make going forward to the next four years, and the $210.6 million that is guaranteed over that span represents the most in NFL history. Mahomes will make $56.85 million this season, $44.5 million next season, $50 million in 2025 and $56.76 million for the 2026 season.
At that point, the Chiefs and Mahomes — who turned 28 on Sunday — are expected to revisit his contract, which ties him to the franchise through 2031.
Mahomes set the market with his original extension with Kansas City, which remains the largest overall deal in the NFL. But several quarterbacks had since passed him in average annual value: Deshaun Watson with his $230 million deal with Cleveland last year; Jalen Hurts with his $255 million deal with Philadelphia; the Ravens' Lamar Jackson with a five-year, $260 million extension; Justin Herbert with a five-year, $262.5 million extension with the Chargers; and just recently, the Bengals' Joe Burrow with a five-year, $275 million contract.
The Chiefs were waiting to see how the market for Herbert and Burrow would play out before reworking Mahomes' deal.
They also were trying to reach an agreement with All-Pro defensive tackle Chris Jones, who held out through Week 1 before finally agreeing to a reworked deal for this season that got him back on the field for Sunday's win in Jacksonville.
Mahomes has been regularly asked about his contract situation, especially while Jones was in his holdout. And he continually said that would rather have a fair deal that gave the Chiefs financial flexibility to surround him with talent — and win more than the two Super Bowl titles already on his resume — than become the highest-paid player in the league.
Evidently, the Chiefs believe they can do both.
Mahomes is coming off perhaps the best season of his career, throwing for a franchise-record 5,250 yards along with a league-leading 41 touchdown passes and only 12 interceptions. He also proved his toughness once more in the playoffs, when he hurt his ankle in the divisional round against the Jaguars but the led the Chiefs all the way to the Super Bowl.