Patrick Mahomes has another new deal, one that pays him incredibly well — but that can never reflect his full value to the NFL and to the game of professional football.
The contract, which runs through 2033, replaces a prior deal that was set to expire after the 2031 season. It’s being generally regarded as a replacement deal, not as an extension that would trigger the usual “new money” analysis, because the traditional “new money” analysis would lead to a stunning new-money APY of nearly $120 million per year.
Advertisement
So it’s a new deal, like every “extension” that any other player signs. The old contract goes away, and a new one takes its place.
Here are the full details of the contract that the Chiefs and Mahomes have signed, per a source with knowledge of the terms.
1. Signing bonus: $54.5 million.
2. 2026 workout bonus: $1 million, fully guaranteed (but must be earned).
3. 2026 base salary: $1.3 million, fully guaranteed.
4. 2027 offseason roster bonus: $30 million, fully guaranteed.
5. 2027 workout bonus: $1 million, fully guaranteed (but must be earned).
6. 2027 base salary: $27 million, fully guaranteed.
Advertisement
7. 2028 offseason roster bonus: $30 million.
8. 2028 workout bonus: $1 million.
9. 2028 base salary: $29 million.
(The entire 2028 compensation package is guaranteed for injury; $35.25 million is fully guaranteed at signing; the remaining $24.75 million becomes fully guaranteed in early 2027.)
10. 2029 offseason roster bonus: $30 million.
11. 2029 workout bonus: $1 million.
12. 2029 base salary: $31.5 million.
(The entire 2029 compensation package is guaranteed for injury; $30 million becomes fully guaranteed in early 2028, and the remaining $32.5 million becomes fully guaranteed in early 2029.)
13. 2030 offseason roster bonus: $30 million.
Advertisement
14. 2030 workout bonus: $1 million.
15. 2030 base salary: $32.75 million.
(None of the 2030 compensation package is guaranteed at signing. In 2029, $30 million becomes fully guaranteed. In 2030, the remaining $33.75 million becomes fully guaranteed.)
16. 2031 offseason roster bonus: $30 million.
17. 2031 workout bonus: $1 million.
18. 2031 base salary: $34.75 million.
(None of the 2031 compensation package is guaranteed at signing. In 2030, $30 million becomes fully guaranteed. In 2031, the remaining $35.75 million becomes fully guaranteed.)
19. 2032 offseason roster bonus: $30 million.
20. 2032 workout bonus: $1 million.
Advertisement
21. 2032 base salary: $31 million.
(None of the 2032 compensation package is guaranteed at signing. In 2031, $30 million becomes fully guaranteed. In 2032, the remaining $38 million becomes fully guaranteed.)
22. 2033 offseason roster bonus: $30 million.
23. 2033 workout bonus: $1 million.
24. 2033 base salary: $39 million.
(None of the 2033 compensation package is guaranteed at signing. The full $70 million becomes fully guaranteed in 2033.)
The contract has annual escalators of $2.5 million, from 2027 through 2033.
The eight-year, $504.75 million deal has an annual average at signing of $63.093 million. The deal includes $150 million fully guaranteed at signing, and $237.25 million in injury guarantees.
Advertisement
The deal pays out $56.75 million in 2026, $58 million in 2027, $60 million in 2028, $62.5 million in 2029, $63.75 million in 2030, $65.75 million in 2031, $68 million in 2032, and $70 million in 2033.
The deal isn’t heavily backloaded; however, the payout climbs systematically from $56.75 million to $70 million. By 2033, $70 million may be a bargain, relative to the market and the salary cap.
Chances are that, long before 2033, the deal will be redone. The Chiefs have already reconfigured the prior deal on multiple occasions, aimed at ensuring Mahomes’s cash flow will be competitive with the market.
Read the full article here