Reports: Patrick Mahomes restructures contract to record-setting numbers

Kansas City Chiefs quarterback Patrick Mahomes (15) holds the trophy after their win against...
Kansas City Chiefs quarterback Patrick Mahomes (15) holds the trophy after their win against the Philadelphia Eagles in the NFL Super Bowl 57 football game, Sunday, Feb. 12, 2023, in Glendale, Ariz. The Kansas City Chiefs defeated the Philadelphia Eagles 38-35. (AP Photo/Matt Slocum)(Matt Slocum | AP)
Published: Sep. 18, 2023 at 2:22 PM CDT|Updated: Sep. 18, 2023 at 5:39 PM CDT
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KANSAS CITY, Mo. (KCTV) - It didn’t take Patrick Mahomes long to one-up the Cincinnati Bengals’ previous record-high contract for Joe Burrow.

The Chiefs quarterback has restructured his deal to make him $210.6 million in guaranteed money over the next four years, according to NFL Network reporter Ian Rapoport.

Those guaranteed earnings will set a record for the most money earned over a four-year stretch in the history of the NFL.

The Chiefs and Mahomes plan to revisit the agreement after the 2026 season, ESPN NFL reporter Adam Schefter stated.

Mahomes signed a 10-year, $450 million contract in 2020.

According to ESPN’s Field Yates, the contract restructure created $2 million in cap space for the 2023 season.

Sports Illustrated’s Albert Breer reported more on the details of the deal. Breer reported that Mahomes’ agents, led by Chris Cabott, desired to up the cash flow of the deal over guarantees because Mahomes has no worry about the Chiefs cutting him.

That meant over the next four years Mahomes is set to make $100,000 more than Lamar Jackson in that period.

“As for the player-team partnership,” Breer said, “Mahomes and the Chiefs agreed to push the roster bonus date back to May, allowing the team to wait on how to structure the coming year’s money until after free agency and the draft.

“That, long-term, will give the team more flexibility to be creative in acquiring veterans to put around Mahomes.”

The Chiefs’ sixth-year starter also has escalators in the deal. He reportedly will get an extra $1.25 million added to his base salary for a Super Bowl win, and an extra $1.25 million for winning the AP MVP award and making the AFC title game.

Mahomes shared a tweet Monday evening hours after the restructure was reported.

“Thank you God!” it read, with a prayer-hands emoji following it.

Editor’s Note: This is a breaking news story and will be updated.

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