Patrick Mahomes contract details: Chiefs QB’s incentive-heavy contract has lots of bells and whistles
As is custom in sports, the best gets the most.
Just over a year ago, the Chiefs locked up superstar quarterback Patrick Mahomes to a 12-year contract extension, keeping him in Kansas City as long as most fountains in town.
To that end, the cash will be flowing like water to Mahomes: With a face-value contract of just over a half-billion dollars, Mahomes is going to be stupid, filthy rich for the foreseeable future, and with for good reason: Just over four years as a starter for the Chiefs, Mahomes is a Super Bowl champ, an MVP and one of the most deadly and prolific passers in all the NFL.
Historic performance leads to historic money, of which Mahomes has secured. Here’s how much the Chiefs passer is scheduled to make with his mega contract:
Patrick Mahomes contract details
At the time of signing his deal in September 2020, Mahomes’ total contract value sat up to $502.631 million over 12 years — if he hits all of his incentives.
The base value of his contract, including the next two seasons before his extension kicks in, is $477.631 million for an average of $39.8 million per year. Starting in 2022, Mahomes will make an average of $45 million per year.
The total cash each year is made up of Mahomes’ base salary, roster bonus and workout bonus, not including signing bonus pay and incentives (all values per Spotrac):
Mahomes’ cap hit will peak in 2027, when the QB’s deal counts for $59.95 million against the Chiefs’ salary cap. Below is the breakdown of Mahomes’ cap hit in each year of the contract. The figures include Mahomes’ $10 million signing bonus spread over the next five seasons.
Mahomes’ incentives are simple. Each year starting in 2022, he can earn $1.25 million if the Chiefs reach the Super Bowl and an additional $1.25 million if he is named NFL MVP for a maximum of $2.5 million per year in incentives.
Which means in order for Mahomes to the full $502.631 million his 10-year contract extension offers, he needs to lead Kansas City to the Super Bowl as the league MVP in every season for a full decade.
Patrick Mahomes guaranteed money
Mahomes’ contract features $141.428 million in guarantees over 12 years, including a $63.082 million signing bonus.
That $63.082 million includes Mahomes’ signing bonus, his base salary for the next three years and his 2021 and 2022 roster bonuses. Which means Mahomes’ contract essentially will be a year-to-year deal starting in 2023.
After the 2025 season, Mahomes can be cut with no dead cap penalty.
Tadd Haislop contributed to this piece.
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