When Dak Prescott signed his four-year, $240 million extension with the Dallas Cowboys in Sept. 2024, he became the first quarterback in NFL history to average $60 million per season. That bar felt untouchable at the time, but Patrick Mahomes just shattered it less than two years later.
Prescott’s deal had set a massive benchmark, representing a significant jump past the $55 million-a-year deals Joe Burrow and a handful of others had previously signed.
Nov 27, 2025; Arlington, Texas, USA; Kansas City Chiefs quarterback Patrick Mahomes (15) and Dallas Cowboys quarterback Dak Prescott (4) greet each other after the game at AT&T Stadium. Mandatory Credit: Kevin Jairaj-Imagn Images
While Prescott had firmly planted his flag at the top of the quarterback money mountain, the Kansas City Chiefs quarterback is now the absolute king of the throne after signing a half-billion-dollar extension. His historic milestone just left everyone speechless in the community.
Patrick Mahomes rewrites history with record $504 million Chiefs extension
Mahomes just reset the NFL market. The Chiefs added two years to his contract, keeping him with the team through 2033. The deal has a base value of $504.75 million, making it the first half-billion-dollar contract in NFL history.
The timing of the extension is what makes it surprising. He is coming off the worst season of his career. In 2025, the Chiefs went 6-11 and missed the playoffs for the first time since he became the starter.
In 14 games, Mahomes threw for 3,587 yards, 22 touchdowns and 11 interceptions. His season ended early in Week 15 when he tore the ACL in his left knee against the Los Angeles Chargers, casting doubt on his availability for the new season.
Since this massive extension was announced right after Mahomes’ down season, it definitely had some shock value. But the Chiefs trusted him because of his impressive resume, as well as how much he has grown physically and experience-wise over time. ESPN’s Adam Schefter reported on Thursday that Chiefs GM Brett Veach and Equity Sports CEO Chris Cabott finalized the deal.
Record deal: The Chiefs are adding two years to Patrick Mahomes’ contract, tying him to Kansas City through the 2033 season at a value of $504.75 million, making it the first NFL deal valued at over a half-billion dollars, per @RapSheet and me.
Equity Sports CEO Chris Cabott,… pic.twitter.com/7zTpxPFrLT
— Adam Schefter (@AdamSchefter) June 10, 2026
It adds two years to Mahomes’ contract, tying him to Kansas City through 2033. Plus, it also adds $239.05 million in new money, bringing the base total to $504.75 million.
Starting in 2027, when the new money kicks in, Mahomes will average $64 million per season. It pushes him $4 million per year past Prescott’s previous benchmark of $60 million annually. Veach called it “a landmark deal for a once-in-a-lifetime player.”
However, Mahomes’ status for Week 1 remains optimistic. He has already been seen dropping back and throwing at OTAs while wearing a knee brace. This puts him well ahead of the typical 9-to-12-month ACL recovery timeline.
Mahomes admitted that rehab is unpredictable, but his goal is to play in the season opener against Denver. Given the size of the contract, the Chiefs need him on the field rather than the training room.
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