The Kansas City Chiefs officially exercised their fifth year option on franchise quarterback Patrick Mahomes according to NFL Network’s Ian Rapoport.
According to NFL Network’s Ian Raport, the Chiefs have made the easiest decision of their offseason, in picking up the fifth year option for superstar quarterback Patrick Mahomes.
Mahomes would have been a free agent after the 2020 season barring the move—or the team signing their MVP quarterback to a long term extension.
The move should come as no surprise to anyone, as the Chiefs basically have no choice but to ensure that the best young quarterback in football remains at the helm of the offense for as long as possible.
For his part, Mahomes will receive a substantial raise if he plays the 2021 season on the option. This year, Mahomes will earn $735,000 on the fourth year of his rookie contract. The fifth year option for a top ten draft pick pays the transition tag cost for that position as the base salary. For quarterbacks in 2020, that number is $25,052,000.
Mahomes and the Chiefs have consistently indicated that they expect to work out a long term deal before the start of the 2021 season. For Mahomes, that ensures getting more guaranteed money and having insurance against the risk of injury. For the Chiefs, it means locking up the Super Bowl MVP for the long term and avoiding any situations involving hold-outs, franchise tags, or free agency – all of which would be disastrous for the team.
In two seasons with the Chiefs, Mahomes has been the league MVP, won a Super Bowl, been the Super Bowl MVP and led the team to another conference championship game.
This move is purely procedural and does not indicate the team is not still working on or confident in a long term extension.