Somebody’s gonna be able to buy a lot of ketchup …
First reported by ESPN’s Adam Schefter, Patrick Mahomes and the Kansas City Chiefs have agreed to the richest contract in the history of the NFL — and sports in general.
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
The 10-year deal adds an additional decade onto the two years the 24-year-old quarterback already had on his contract with the Chiefs, meaning he is now signed with Kansas City through the 2031 season. Mahomes has $27.6 million left on his old deal — $2.8 million this year and $24.8 million in 2021.
His total contract now tops the 12-year, $426.5-million contract MLB star Mike Trout signed with the Angels last year and also exceeds the length of any other NFL contract by at least five years.
Looking at the extension length alone, Patrick Mahomes is now signed to a contract that is five seasons longer than any other player in the NFL. pic.twitter.com/LXKoLtEoGE
— Adam Schefter (@AdamSchefter) July 6, 2020
Though it was theorized Mahomes’s total compensation would at least partially be tied to a percentage of the NFL salary cap in order to ensure he is paid fairly relative to inflation throughout the entirety of the lengthy contract, that apparently is not the case.
Let’s say the #Chiefs built in a rider that ensures Mahomes makes 18% of the league cap each of the next 12 years. Let’s also assume the 2021 league cap remains at $198.2M, then increases $10M per year through 2031.
That would mean a 10 year $500M new money extension.
— Spotrac (@spotrac) July 6, 2020
Entering his fourth season in the NFL, Mahomes was named league MVP in his first season as a starter and won Super Bowl MVP in his second. In his young career, Mahomes has already thrown for 76 touchdowns and 9,412 yards.
The last time a quarterback signed a 10-year extension in the NFL was in 2004 when Michael Vick inked a 10-year deal with the Atlanta Falcons.
At the time, the $130 million contract, which included a then-league-record $37 million in guaranteed money, made Vick the highest-paid player in the NFL.
Prior to Vick signing with the Falcons, Donovan McNabb signed a 12-year deal with the Eagles in 2002, Brett Favre signed a “lifetime” contract with the Packers in 2001 and Drew Bledsoe inked a 10-year pact with the Patriots the same year.
Vick, McNabb, Favre and Bledsoe all went on to play for other teams after signing their lengthy contracts. The Chiefs, at least for now, are hoping that won’t be the case with Mahomes.
Subscribe here for our free daily newsletter.
Whether you’re looking to get into shape, or just get out of a funk, The Charge has got you covered. Sign up for our new wellness newsletter today.
