Mahomes and the Chiefs restructured his massive, 10-year deal, multiple media outlets reported Monday. 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 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 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 signed, which is also an NFL record. Cleveland Browns quarterback Deshaun Watson signed a fully guaranteed $230 million deal in 2022, which was then a league record.
Mahomes had eight seasons left on that deal after the current season, his seventh with the Chiefs, though that has now been effectively cut down to three. Mahomes and the Chiefs plan to revisit the contract 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 an interception in that win. He threw two touchdowns and an interception in the team's season-opening loss to the Detroit Lions.
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. He was named regular-season and Super Bowl MVP.
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 draft pick in 2017.
The quarterback market was reset multiple times this past offseason. Philadelphia Eagles quarterback Jalen Hurts and Baltimore Ravens star Lamar Jackson agreed to then-record five-year deals. The Los Angeles Chargers' Justin Herbert broke the mark in July with his five-year, $262.5 million deal. Cincinnati Bengals QB Joe Burrow then set a new record with his five-year, $275 million deal earlier this month.
Mahomes’ deal is the only one among that group of quarterbacks that is structured over four seasons. He is now set to make an average of $52.65 million per season over the next four years, which is behind only Burrow’s $55 million per season.
The Chiefs will host the Chicago Bears on Sunday.