Patrick Mahomes Signed A 10-Year Extension Through 2031 (UPDATE: It’s For $477 Million With A Chance To Get To $500 Million)

It seemed like a no-brainer for the Chiefs to lock down Patrick Mahomes, one of the most popular players in football, after a Super Bowl-winning season. Mahomes turns 25 in September and, barring catastrophe, has a lot of good football in him. But this 10-year extension first announced by Adam Schefter is likely a doozy:

The dollar amount, either in guaranteed form or with bonuses, has yet to be released. Russell Wilson’s $35 million average is currently the highest mark for a quarterback in the NFL. Adjusting for future earnings, as well as rumors of Cowboys QB Dak Prescott’s request for around $40 million annually, there’s legitimately no shocking price to lock Mahomes up for a decade. Is this a $400 million deal? $500 million? Did they get creative and offer him some sort of dowry that includes cows and castles in addition to a traditional NFL deal? Nothing would surprise me.

At the same time, as long as Patrick Mahomes stays Patrick Mahomes (or some reasonable approximation), it’s unlikely the Chiefs won’t get the value out of the deal. They’ll get the full prime of one of the most transcendent athletes in football. He’s the NFL’s LeBron or Steph Curry with the skill disparity of a Mike Trout. He’s also a leading Black voice in a league that will likely see a lot of change on their racial economics in years to come. No matter what number comes out, this is a win for Patrick Mahomes, the Chiefs and the NFL. And Chiefs fans especially. They now know that barring something god-awful, the next 10 years of their lives will feature our Kermit the Frog-voiced, rocket-armed king. That’s the kind of security you don’t get in sports (or in life) these days.

Either way, here’s the only estimate you need for the total value of Patrick Mahomes’ extension:

Exclusive look at Chiefs owner Clark Hunt driving to deliver Patrick Mahomes' contract-extension for him to sign: pic.twitter.com/aLfkUoQOAb

— Field Yates (@FieldYates) July 6, 2020

UPDATE: Adam Schefter followed up with some details on the deal. It is not tied to a percentage of the team’s salary cap, the last frontier of quarterback contracts, and is worth $450 million with a $140 million injury guarantee. It’s believed to be the richest contract in the history of sports:

Compensation update: Patrick Mahomes’ 10-year extension is worth $450 million, sources tell ESPN.

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.

— Adam Schefter (@AdamSchefter) July 6, 2020

UPDATE x2: Now NFL Network’s Ian Rapaport has the number pegged at $477 million with a chance to get to just over half a billion dollars in total (as well as some potential vague outs for Mahomes)

The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause

— Ian Rapoport (@RapSheet) July 6, 2020

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