Patrick Mahomes and the Chiefs have once again collaborated on a historic contract extension.
Kansas City is adding two years to Mahomes' reworked contract, with the new money being worth $239.05 million and the total value coming out to $504.75 million, NFL Network Insider Ian Rapoport and ESPN's Adam Schefter reported Wednesday. The Chiefs announced the extension shortly after it was reported.
Schefter added that all $504.75 million becomes guaranteed through contract mechanisms, and that Mahomes can earn up to $522.25 million through incentives and escalators. The $64 million annual average value of the deal, beginning in 2027, is a new NFL record.
The years tacked on is a reworking of Mahomes' previous extension with the Chiefs, a 10-year deal that he signed in 2020.
With the new money included, Mahomes' average annual value will reach $64 million beginning in 2027, a $19 million-per-year raise that will push him past Cowboys quarterback Dak Prescott ($60 million per year) and set a new record for the highest average salary per year in NFL history.
Mahomes' reworked deal answers questions that were expected to arrive at some point regarding his long-term financial security with the team, a matter than would never flirt with becoming serious and has historically been addressed by Chiefs general manager Brett Veach well ahead of time. The timing of this agreement is mildly interesting, however, because it arrives while Mahomes is still working his way back from a season-ending knee injury that required surgery and has placed him on an uncertain timetable for return in the 2026 season.
By the time Mahomes returns to full strength and capability, the Chiefs will be happy to have already handled his contract, which will keep him in red and gold through his age-38 season. The three-time Super Bowl champion has long been invested in Kansas City, co-owning the city's National Women's Soccer League team (KC Current) and owning a minority share of MLB's Kansas City Royals, and as proven by the exorbitant value of his contract, Mahomes' future with the Chiefs has never been in doubt.
Now, the Chiefs are reaffirming their investment in him ahead of an important 2026 campaign.
