Patrick Mahomes and the Chiefs have once again teamed up for a historic contract extension.
Kansas City is adding two years to Mahomes’ reworked deal, with the new money at $239.05 million and a total value of $504.75 million, NFL Network insider Ian Rapoport and ESPN’s Adam Schefter reported Wednesday. Officials announced the extension shortly after it was announced.
Schefter added that the full $504.75 million will be guaranteed through contractual options and that Mahomes can earn up to $522.25 million through incentives and escalators. The $64 million annual average value of the contract, which began in 2027, is a new NFL record.
The intervening years are a rehash of Mahomes’ previous extension with the Chiefs, a 10-year deal he signed in 2020.
With the new money included, Mahomes’ average annual value will reach $64 million starting in 2027, a $19 million per year increase that will push him past Cowboys quarterback Dak Prescott ($60 million per year) and set a new record for the highest average annual salary in NFL history.