Financial details are out on Patrick Mahomes’ extension with the Kansas City Chiefs, and the numbers are absolutely absurd.
The young NFL quarterback and the Chiefs agreed on a 10-year extension Monday, and it was quickly reported the deal was valued at north of $400 million. (RELATED: David Hookstead Is The True King In The North When It Comes To College Football)
Now, we know that the amount of guaranteed money in the 10-year extension is up to $477 million, according to Ian Rapoport and Tom Pelissero. His guaranteed money must be picked up a year out from the season happening.
The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause
— Ian Rapoport (@RapSheet) July 6, 2020
What’s the guarantee mechanism? Basically, the team guarantees Patrick Mahomes’ salary a year out. And if they don’t pick up each guarantee, they have to cut him (to avoid picking up the future guarantee). https://t.co/dSzKmS7wbM
— Ian Rapoport (@RapSheet) July 6, 2020
Rolling guarantees are common in NFL contracts, but never over the entire life of a 10-year extension (12-year deal). Patrick Mahomes gets over $63 million fully guaranteed at signing and $103M by next March. Most of the salaries and bonuses vest a year or two before they’re due. pic.twitter.com/az8jsKBZgN
— Tom Pelissero (@TomPelissero) July 7, 2020
One of the biggest questions going into Mahomes’ contract talk with the Chiefs was whether or not his salary would be tied to a percentage of the salary cap.
According to Adam Schefter, that didn’t happen, but it doesn’t really matter. The man still got absolutely paid.
Compensation update: Patrick Mahomes’ 10-year extension is worth $450 million, sources tell ESPN.
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.
— Adam Schefter (@AdamSchefter) July 6, 2020
Overall, it’s just a mind-boggling deal for Mahomes, and there’s no other way to put it. He inked an extension potentially worth more than $500 million.
You know what? He’s also worth every single penny. Mahomes is only 24 years old, which means there’s still another monster contract coming his way if he stays healthy.
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The Chiefs star quarterback isn’t just an elite passer. The man is a wizard on the football field. He does things that don’t make sense, and he led the Chiefs to a Super Bowl this past year.
Now, he has the richest contract in the history of the NFL. You just love to see it.
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Props to Mahomes for getting paid. He 100% earned it.