Patrick Mahomes is now the owner of the richest contract in sports history and the first ever deal worth half of a billion dollars.
The 2018 Super Bowl MVP agreed to a mammoth 10-year, $503 million contract extension with the Kansas City Chiefs that runs through 2031, the NFL Network reported on Monday.
It surpasses the 12-year, $426.5 million deal Mike Trout signed with the Los Angeles Angels in 2019 as the most expensive contract in sports. Trout’s entire deal is guaranteed while Mahomes’ contract has $477 million in guaranteed mechanisms that offers the 24-year-old Mahomes an out if those guarantees aren’t exercised, his agents tweeted. The Chiefs later announced the two sides had come to an agreement on a contract extension. Mahomes posted a highlight video on Twitter with the caption: “Here to stay …!”
“The best part is he’s still early in his career,” Chiefs coach Andy Reid said in a statement. “He’s a natural leader and always grinding, whether that’s on the field, in the weight room or watching film, he wants to be the best.”
After the Chiefs predictably picked up his fifth-year option in April, keeping him under contract for the next two seasons, he was owed $27.6 million — $2.8 million this year and $24.8 million in 2021 – the next two years. Now that will seem like chump change. All told, he will earn a whopping $530.6 million over the next 12 seasons.
Mahomes was entering the fourth year of his rookie deal that paid him $16 million guaranteed. He could have become a free agent in 2022. Now he could theoretically retire as a Chief if he rides out his current contract — at which point he will be 36 years old — that will be paying him a shade over $50 million a season. Seattle Seahawks quarterback Russell Wilson previously owned the NFL’s richest contract with a four-year deal, $140 million deal ($107 million guaranteed).
Mahomes was actually the second quarterback taken in the 2017 draft, after Mitchell Trubisky (second overall to the Bears). The Chiefs traded up to the 10th pick and took Mahomes, a star at Texas Tech, but not someone who had instant impact written all over him. After he spent most of his rookie year watching starter Alex Smith, he took over the following season when the Chiefs dealt Smith to the Redskins.
Twitter went ablaze with responded to the news. Former Jet Darrelle Revis wrote: “Pat Mahomes is worth every penny.” Chiefs teammate Tyrann Mathieu tweeted: “The Young man deserve it all. One of the best I’ve been around. One of the Greats. #15 #RunItBack.” ESPN’s Bomani Jones opted to mock the Bears and Trubisky, posting: “trubisky really is the sam bowie of 2017. which, honestly, isn’t fair to sam bowie.” Bowie was of course selected before Michael Jordan in the 1984 NBA Draft.
The 24-year-old Mahomes, the son of former Mets pitcher Pat Mahomes, tossed 50 touchdowns and threw for 5,097 yards in his first full season in the league and last year guided the Chiefs to a come-from-behind Super Bowl victory over the 49ers, completing 26-of-42 passes for 286 yards and two scores and running for another. He became the youngest Super Bowl MVP after guiding the Chiefs back from a 10-point fourth-quarter deficit by leading them on three touchdown drives.
His all-time record is 24-7 as a starter, and he has thrown 76 career touchdown passes, just 18 interceptions and has a lifetime passer rating of 108.9. He has been even better in the postseason, throwing for 1,474 yards, 13 touchdowns and two interceptions in five contests. And now he has the money to match his transcendent ability.