The Kansas City Chiefs have officially signed Patrick Mahomes to a contract extension.
Per NFL reporter Adam Schefter, the Kansas City Chiefs have reportedly signed starting quarterback Patrick Mahomes to a 10-year contract extension, which means the former league MVP isn’t going anywhere through the 2031 season. Schefter then reported that the deal is worth a record $450 million, which makes it the “richest deal in sports history.”
Compensation update: Patrick Mahomes’ 10-year extension is worth $450 million, sources tell ESPN.
— Adam Schefter (@AdamSchefter) July 6, 2020
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.
Rumors began circling on Twitter shortly before Schefter broke the news of the length of the deal, including Tim Grunhard, a longtime member of the Chiefs and current radio host, who stated that good news was coming on the Mahomes front. The team has been public about wanting to sign Mahomes to a long-term deal at this stage of his rookie contract to reward him as soon as possible, and the timetable was set for sometime after the NFL Draft. Clearly the Chiefs meant what they said.
No one can doubt the merits of this deal on behalf of the Chiefs given that the team has been a Super Bowl contender from the moment he stepped onto the field as a starting quarterback. In two full seasons under center for the Chiefs, the team has lifted the Lombardi once and was on the verge of a second appearance if not for an offsides call on pass rusher Dee Ford in ’18 against the New England Patriots in the AFC Championship game.
Mahomes won the NFL’s Most Valuable Player award in 2018 after putting up 50 touchdowns and over 5,000 passing yards in his first full season as the team’s starter. From there, Mahomes would win the MVP award from Super Bowl LIV after helping the Chiefs pull off one comeback after another in a thrilling postseason run that ended the team’s playoff woes of a 50 year Super Bowl drought.