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Kansas City Chiefs star quarterback Patrick Mahomes’ contract is a record-breaking 10-year deal worth up to $503 million dollars. It is the largest contract in sports history ever. According to the contract, the Super Bowl champion and MVP will be in Kansas City through 2031. It is a $450 million contract with the Kansas City Chiefs, including a $10 million signing bonus, $141,481,905 guaranteed, and an average annual salary of $45 million dollars. On Feb. 2, 2020, when the 24-year-old quarterback led the Kansas City Chiefs to the Super Bowl win, he was rewarded with a 10-year contract extension. Later it was confirmed by Mahomes’s agency, Steinberg Sports, by sharing the deal’s details on Twitter.
Image source - ESPN
Here's a breakdown of Patrick Mahomes' new contract with the Chiefs. Although rolling guarantees are common in NFL contracts, it doesn’t usually exceed the entire life of a 10-year extension (12-year deal). Patrick Mahomes gets over $63 million fully guaranteed at signing and $103M by next March.
Mahomes was named a Super Bowl MVP, and he was named the NFL’s MVP for the 2018 season. He’s the youngest quarterback to earn this feat. Mahomes is getting paid $45 million per year.
Mahomes’ contract is as wild as that $500 million number is, his contract breakdown on a more micro level is even unbelievable. He makes 96$ a minute, which’s almost $100 a minute, thus paying to be one of the best in football.
Also Read: Who are Patrick Mahomes' Parents?
In the NFL, the incentives are by no means guaranteed and vary based on the player and team. Due to injury clauses, the base contract is also not guaranteed. However, Mahomes gets $140 million guaranteed and the ability to have outs if guarantee mechanisms aren’t exercised.
Signing Bonus
A $10 million signing bonus in a contract this big is quite unusual. Upon signing, players are paid as soon as possible with fully guaranteed sums of money. These are signing bonuses. However, the cost of the salary cap of these bonuses can be spread out over five years. Since they get money immediately, players tend to like it.
The first three years
Keeping in mind the entire contract, the first three years of Mahomes’ new deal might actually be the most shocking thing. His new contract is actually an extension. Ten more years were added onto Mahomes' existing contract, which already included the fourth year of his rookie deal and the fifth-year option the Chiefs had picked up earlier this year.
Also Read: Who is Patrick Mahomes’ Brother, Jackson Mahomes?
Roster Bonus
Through deferred, guaranteed roster bonuses, the primary system that Mahomes will get guaranteed money. As of now, Mahomes’ salaries in 2020, 2021, and 2022 are fully guaranteed. In most years throughout the contract, Mahomes will have deferred roster bonuses from 2023 onwards. The Chiefs guarantee Mahomes either a roster bonus or on the third day of every league year, a full salary for a contract year (that is one to two years into the future).
Incentives
Mahomes' new contract includes some incentives, and that is a very fun aspect. Mahomes will earn $1.25 million if the Chiefs win the AFC Championship game and an additional $1.25 million if Mahomes wins the league MVP award, starting in 2022 when the extension actually starts.
One can’t predict now how much his next contract would be. It would definitely depend on his 10-year record-breaking contract with The Chiefs turnout based on performances and how many wins he can lead the team to.
In terms of average annual salary and total dollars attached to the deal, Patrick Mahomes’ $503 million record contract with the Chiefs makes him the league's highest-paid player. In North American sports history, Mahomes' contract has been the largest. In terms of total money, he beat out Baseball players Mike Trout’s $426 million deal by a fair bit.
Also check out: Patrick Mahomes' Net Worth
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