KANSAS CITY, Mo. (KCTV) - Kansas City Chiefs quarterback Patrick Mahomes has reset the NFL market.
According to a report from ESPN’s Adam Schefter and Ian Rapoport, the Chiefs are adding two years to Mahomes’ contract, which now ties him to Kansas City through the 2033 season.
The newly restructured contract is now valued at $504.75 million, according to Schefter, making it the first NFL deal to exceed a half-billion dollars.
Mahomes is coming off a torn ACL in December 2025 and will enter his 10th season in the NFL this year.
The 30-year-old signed a 10-year, $450 million in July 2020, several months after the first Super Bowl win of his career. He and the Chiefs have restructured the deal several times to help the organization create extra cap space over the last six years.
Kansas City Chiefs quarterback Patrick Mahomes (15) throws while being pressured by Indianapolis Colts defensive end Laiatu Latu (97) during the second half of an NFL football game, Sunday, Nov. 23, 2025 in Kansas City, Mo. (AP Photo/Reed Hoffmann)(Reed Hoffmann | AP)
Mahomes is already the Chiefs’ franchise record-holder for several passing categories, and is a two-time NFL MVP and three-time Super Bowl MVP.
In February, Mahomes and the Chiefs converted $44 million of his base salary for 2026 into a signing bonus to create cap space for the Chiefs.
Schefter and Rapaport said the new money on the deal signed Wednesday is worth $239.05 million and the first four years of the deal are guaranteed at signing. All $504 million of the deal becomes guaranteed through other contract mechanisms.
With incentives and escalators, the deal can be upped to $522.25 million. In 2027, when the new money begins, Mahomes will average $64 million per year, setting a new NFL record for average annual value.
As he recovers from his torn ACL, Mahomes has returned to the practice field for OTAs and mandatory minicamp. He has yet to participate in 11-on-11 drills, but has participated in 7-on-7 and individual work.
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