The Kansas City Chiefs They do everything they can to make sure Patrick Mahomes be happy The two-time Super Bowl champion agreed to a restructured contract Monday, considering the possibility of making money one of the highest paid quarterbacks in the NFL.
Mahomes was already making $45 million a year after signing a massive contract extension in 2020, but as time went on, quarterbacks began to exceed your average annual salary. This past offseason alone, Jalen Hurts, Lamar Jackson, Justin Herbert and Joe Burrow signed record deals.
Mahomes was asked in May if he would explore renegotiating his contract, but he dismissed the idea at the time. “I’m more interested in legacy and winning rings than making money right now”he said, explaining that he had made enough money to settle in for the long term.
At the same time, Mahomes added that he knew he was raising the bar for other quarterback contracts. This new deal doesn’t raise the cap, but it does add Mahomes to the growing list of $50 million men at the quarterback position.
Here are the details on Mahomes’ restructured contract and where he ranks among all NFL quarterbacks.
More | The biggest contracts in sports history
The details of Patrick Mahomes’ contract restructuring
According to ESPN’s Adam Schefter, Mahomes’ restructured contract will pay him $210.6 million between 2023 and 2026;. That makes you The average annual salary is $52.65 million, second among all quarterbacks, behind only Joe Burrow’s 55 million. All $210.6 million is guaranteed and the deal could be worth $218.1 million with incentives.
Additionally, the Chiefs plan to review the contract after 2026. While Mahomes’ contract still technically runs through 2031, the money from those past years has been carried over to the next four years, so the two-time MVP will essentially need a new contract once those four years are up if he wants to remain among the highest paid in his position.
The Chiefs and Patrick Mahomes have restructured their deal, giving him $210.6 million between 2023 and 2026, the most money in NFL history over four seasons. His compensation for those years is now guaranteed. Also, the Chiefs and Mahomes plan to revisit the deal… pic.twitter.com/7a2vlt9Si2
— Adam Schefter (@AdamSchefter) September 18, 2023
Mahomes signed a 10-year, $450 million extension in 2020, a huge amount, but ultimately a team-friendly deal. With excessive salary and less than half a guaranteed deal, the Chiefs gave themselves a lot of flexibility.
In the end, even the staggering average annual salary of $45 million wouldn’t last as long as the current rate for elite quarterbacks. Since then, a handful of quarterbacks have surpassed Mahomes’ $45 million, but this new deal puts the 28-year-old at the top of the list once again.
Why did Patrick Mahomes sign a new contract with the Chiefs?
Although Mahomes has publicly dismissed the idea that he is unhappy with his contract, he has had all the power to negotiate a raise.
Mahomes entered Monday as the eighth-highest paid quarterback in the NFL, which of course was a bargain for a player arguably at the top of the game. With two MVPs, two Super Bowl wins and five straight AFC Championship appearances, all before he turned 28, Mahomes’ importance to the Chiefs couldn’t be clearer.
Apparently, Kansas City agrees.
The deal benefits Mahomes in a number of ways. Now you have he’s guaranteed to make $210.6 million over the next four seasons while being eligible to cash out again after the 2026 season. By then, the market for NFL draftees will likely be even more inflated.
Had Mahomes completed his current contract, he likely would have fallen out of the top 10 highest-paid quarterbacks and he would not have the opportunity to sign a new contract for another eight years. With significant upside and added flexibility, Mahomes’ new deal is more in line with other top quarterbacks.
How Much Money Will Patrick Mahomes Make?
Mahomes will earn an average salary of $52.65 million per year as part of his restructured deal. Mahomes’ previous extension was worth $45 million per year, which ranked eighth among all quarterbacks. He now ranks second in the entire league behind Joe Burrow ($55 million).
How Much Money Is Pat Mahomes Net Worth?
Celebrity Net Worth estimates Mahomes’ net worth at 70 million dollars.
It’s difficult to calculate the exact net worth of someone who makes tens of millions of dollars each year, especially since Mahomes also benefits from endorsement deals, but his net worth will likely continue to rise in the coming years after agreeing to a restructured contract.
Mahomes summed it up well in May, telling reporters: “I’ve made enough money to last me the rest of my life.”