UPDATE: It’s officially worth up to half a billion dollars.
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.
The Kansas City Chiefs have extended quarterback Patrick Mahomes to the 2031 season with a record 10-year deal. The extension will lock Mahomes down in Kansas City and the AFC West for the next 12 years.
Chiefs and QB Patrick Mahomes have reached agreement on a 10-year -- 10-year! -- contract extension that ties him to Kansas City through the 2031 season, league sources tell ESPN.— Adam Schefter (@AdamSchefter) July 6, 2020
Patrick Mahomes had two years remaining on his contract, and he and the Chiefs are adding on 10 more, making it a a new 12-year contract in total.— Adam Schefter (@AdamSchefter) July 6, 2020
It’s a 10-year, $450 million deal with a $140 million injury guarantee. That’s going to come out to some serious salary cap starting the 2022 season.
Compensation update: Patrick Mahomes’ 10-year extension is worth $450 million, sources tell ESPN.— Adam Schefter (@AdamSchefter) July 6, 2020
The injury guarantee is $140 million, per source.
The contract does not contain language that ties its value to a percentage of the salary cap.
Richest deal in sports’ history.
That will also mean the Denver Broncos will have a thorn in their sides for at least the next dozen years. The Chiefs are already defending Super Bowl champions and are poised to dominate the Tom Brady-less AFC for years to come.
Denver’s only hope now rests in the right arm of upstart Drew Lock. John Elway has spent the last three seasons completely remaking the offense into one that appears ready to take the Chiefs head on. They still have a great defense, so hopefully that means they can compete with the Chiefs beginning 2020.
Now they’ll just have to figure out the 11 years after 2020...