Patrick Mahomes extension expected from Chiefs after NFL Draft

The Kansas City Chiefs are interested in a long-term extension with Patrick Mahomes and the latest word says it’s coming after the NFL Draft.

Few teams have been forced to work through the sort of financial hoops faced by the Kansas City Chiefs this offseason and the most difficult situations are still ahead. However, a bit of a timeline is at least apparent for the biggest hurdle of all: a timeline for a contract extension for quarterback Patrick Mahomes.

NFL reporter Tom Pelissero put out word over the weekend that an extension for Mahomes was likely  coming after the draft. It was tucked within the same report that the team had held contract talks with defensive tackle Chris Jones but had yet to extend an official offer for a long-term deal there as well.

Pelissero says, “My understanding is that the timing on that is still something that probably is going to happen after the draft as they see how the roster settles and figure out how they can build a dynasty around their superstar.”

The 2020 NFL Draft is scheduled to be held in the next few weeks, which means the Chiefs could act sooner than later on making Mahomes the most expensive player in the NFL. Mahomes has most certainly earned such a deal but it’s interesting to see the Chiefs wanting to move so quickly on this.

For the next year, Mahomes is due $5.3 million to play out this season on the final year of his rookie deal. However, the Chiefs also hold the leverage here on the 2021 season as well by declaring they want to exercise a fifth year option. Mahomes would then receive a considerable raise, but nothing quite like the record-setting extension he’s expected to receive from the team.

Spotrac has his market value set at $37 million per season, a mark which would best any current financial records in the league. Matthew Ryan has the record for the most overall money at $150 million over 5 years (and most guaranteed at $94M). Russell Wilson has the highest average annual value at $35 million per year. Jared Goff is at a comparable age and recently signed a four-year deal worth $134 million in new money.

If the Chiefs were to act fast, they might help themselves save at least a little bit of money by beating the Dallas Cowboys and Houston Texans to big-money extensions with Dak Prescott and Deshaun Watson, respectively. Then again, Mahomes’ earnings should still eclipse those deals even if they come in later. His agent, Leigh Steinberg, will undoubtedly see to that.