Chiefs, Patrick Mahomes Agree to Record-Breaking Restructured Contract, per Report

The Chiefs and star quarterback Patrick Mahomes have agreed to a restructured contract that will pay him $210.6 million between 2023 and ’26, according to ESPN’s Adam Schefter. That’s the most money over a four-year span in NFL history, and his salary during that timeframe is now guaranteed. 

Both sides plan to revisit the agreement again after the ’26 season, Equity Sports CEO Chris Cabott, who negotiated the deal, told ESPN. Mahomes initially signed a then-record 10-year deal worth $477 million in 2020, but after several other quarterbacks signed new contracts since then, the two-time Super Bowl MVP found himself sliding among the NFL’s top-paid players. 

After Joe Burrow became the NFL’s highest-paid player with a recent five-year extension worth $275 million, Mahomes dropped to eighth among quarterbacks in terms of average annual salary. His new deal puts him back near the top, and he could earn up to $218.1 million by the end of 2026 with escalator clauses, per NFL Network’s Ian Rapoport and Tom Pelissero.

When it’s all said and done, the new pact essentially shortens his previous deal and increases his pay. Mahomes has now earned over $273 million in guarantees since the deal was signed in 2020—another NFL record—and he likely will reset the market again when both sides revisit the deal.