Mahomes and the Chiefs restructured his massive 10-year deal on Monday, according to multiple reports. His new contract will pay him $210.6 million between the 2023 and 2026 seasons, which is the most in NFL history over a four-year span, according to the NFL Network’s Ian Rapoport. That $210.6 million is fully guaranteed, and the deal could reach as much as $218.1 million by the end if certain incentives are met.
A new deal!
In the restructured @patrickmahomes agreement, he now receives $210.6M between 2023 and 2026; the most in NFL History over a four season span. His compensation for those years is guaranteed. With escalators, the agreement could reach $218.1M by the end of 2026. pic.twitter.com/H6H84iryMN
— Ian Rapoport (@RapSheet) September 18, 2023
Mahomes initially signed a 10-year, $450 million contract with the Chiefs in 2020, which was set to keep him in Kansas City through the 2031 season. The 28-year-old has now received more than $273 million in guaranteed money since the deal was first signed, which is also a new NFL record. Cleveland Browns quarterback Deshaun Watson signed a fully-guaranteed $230 million deal in 2022, which was a then-league record.
Mahomes had eight seasons left on that deal after this current season — which is his seventh with the Chiefs — though that’s now been effectively cut down to three. Mahomes and the Chiefs plan to revisit the contract again after the 2026 season.
The Chiefs started this season 1-1, and are coming off a 17-9 win over the Jacksonville Jaguars on Sunday. Mahomes went 29-of-41 for 305 yards two touchdowns and threw an interception in that win. He threw two touchdowns and an interception in their season-opening loss to the Detroit Lions, too.
Mahomes threw for a league-best and career-high 5,250 yards and 41 touchdowns last season while leading Kansas City to its second Super Bowl win in four years. The two-time league MVP has thrown for 24,772 yards and 196 touchdowns and compiled a 65-17 record since the Chiefs selected him out of Texas Tech with the No. 10 overall pick in 2017.
The quarterback market was reset multiple times this past offseason. Both Philadelphia Eagles quarterback Jalen Hurts and Baltimore Ravens star Lamar Jackson agreed to then-record five-year deals. Los Angeles Chargers quarterback Justin Herbert broke the mark again in July with his five-year, $262.5 million deal. Cincinnati Bengals quarterback Joe Burrow then set a new record with his five-year, $275 million deal earlier this month.
Mahomes’ deal is the only one that’s structured over four seasons among that group of quarterbacks. He’s now set to make on average $52.65 million per season over the next four years, which is only behind Burrow’s $55 million per season.
The Chiefs will host the Chicago Bears next on Sunday.