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What Mahomes’ contract restructure means for the Chiefs (0:44)
Jeremy Fowler breaks down what the Chiefs can do now that they’ve locked down Patrick Mahomes till 2026. (0:44)
Adam Teicher, ESPN Workers AuthorSep 18, 2023, 03:14 PM ET
The Kansas City Chiefs and Patrick Mahomes have restructured his settlement, giving him $210.6 million between 2023 and 2026, essentially the most cash in NFL historical past over a four-season span. His compensation for these years is now assured, the quarterback’s agent informed ESPN’s Adam Schefter on Monday.
The Chiefs and Mahomes plan to revisit the settlement once more after the 2026 season, Fairness Sports activities CEO Chris Cabott, who negotiated the deal on behalf of Mahomes, informed Schefter.
Mahomes turned the NFL’s highest-paid participant in the summertime of 2020 when he signed a 10-year extension value $450 million. No participant has since topped that contract by way of complete worth, however a number of quarterbacks have handed Mahomes in common annual pay, together with 4 this 12 months — Lamar Jackson, Jalen Hurts, Justin Herbert and Joe Burrow.
Burrow was the newest to succeed in settlement — on a five-year, $275 million extension with the Cincinnati Bengals that features $219.01 million assured — a deal that averages $55 million per season. The flurry of recent contracts left Mahomes because the eighth-highest-paid participant at his place earlier than Monday’s settlement. He’ll common $52.6 million over the subsequent 4 seasons together with his restructuring, placing him extra according to the current quarterback offers.
“I do not know that there is actually a technique to quantify it financially, and it doesn’t matter what he makes over his profession, a method or one other, he’ll be underpaid,” Chiefs chairman Clark Hunt mentioned when requested how the Chiefs went about figuring out Mahomes’ value.
Mahomes, 28, has been named NFL MVP twice and led the Chiefs to 2 Tremendous Bowl victories — being named the sport’s MVP each occasions — in his first six seasons. The Chiefs are 1-1 this season, his seventh within the NFL.
Mahomes’ contract runs by means of the 2031 season.
