Patrick Mahomes is one of the best, if not the best, quarterbacks in the NFL today, and his contract shows his status as one of the league’s top stars. However, even though he signed the biggest contract in professional sports history just a few years ago, his current earnings tell a more complicated story.
When Mahomes signed his 10-year, $450 million extension with the Kansas City Chiefs in 2020, it was a record-breaking deal. It was the largest contract in U.S. sports then, surpassing Mike Trout’s $426.5 million deal. This contract, which could be worth up to $503 million with incentives, set a new standard for NFL quarterbacks. However, the contract focused more on future potential earnings than on immediate salary, with only $141.5 million guaranteed upfront.
Mahomes’ contract structure gives the Chiefs flexibility with their salary cap. Despite having one of the largest contracts in sports history, his initial salary didn’t rank him among the top quarterbacks in average annual value (AAV). While his total contract is still the largest in NFL history, his AAV of $52.7 million places him outside the top 10, behind players like Dak Prescott, who earns $60 million per year.
Mahomes has repeatedly agreed to restructure his deal to help the team manage the salary cap. For example, in March, he restructured his deal to turn $27 million of his salary into a signing bonus, creating extra cap space while maintaining a steady income. By 2024, he will earn $45.75 million in base salary, with total guaranteed earnings from 2023 to 2026 reaching $210.6 million— the largest four-year guarantee in NFL history.
Where Does Patrick Mahomes Stand In The Race For Quarterback Salaries?
Even though Mahomes isn’t the highest-paid quarterback annually, his contract is still the most valuable overall. The quarterback market has evolved, and with Dak Prescott signing a $240 million extension recently, Mahomes has dropped down the list of top-paid quarterbacks in terms of yearly salary. However, Mahomes’ on-field achievements—two Super Bowl MVPs and numerous playoff appearances—have solidified his legacy, and his restructured contract allows the Chiefs to make adjustments after the 2026 season.
Mahomes’ contract runs through 2031, providing him with long-term security while also allowing flexibility. The 2026 season will be an important point for potential adjustments, giving both Mahomes and the Chiefs a chance to revisit the terms based on his performance and the state of the salary cap. His contract includes incentives like $1.25 million for winning the MVP or making a Super Bowl appearance, showing the team’s belief in his future success.
Although Mahomes’ contract may not be the highest in annual salary, its total value and structure highlight how important he is to the Chiefs and affirm his place as one of the best quarterbacks in the NFL. Through smart restructures, Mahomes has helped keep the Chiefs competitive while securing his financial future. His contract will continue to serve as a model for future NFL contracts.
