Report: Patrick Mahomes And The Chiefs Agreed To A 10-Year, $503 Million Contract Extension (UPDATE)

UPDATE: After earlier reporting that the deal was worth north of $400 million, ESPN’s Adam Schefter brings word of the details of Mahomes’ deal, including a record-setting $140 million guaranteed if he’s injured and a value of $450 million for the lifetime of the deal.

Schefter also says that prior speculation that the later years of the deal would have language tying it to a percentage of the cap did not come to fruition, but Mahomes still sets a new record for any contract in sports. However, Ian Rapoport of NFL Network reports the deal is worth up to $503 million, with $477 million guaranteed should he stick with the deal for the entire 10 years, but has outs as well — which seem likely to be exercised given the league’s revenue will spike again once a new TV deal is reached during the life of this contract.

EARLIER: The No. 1 priority for the Super Bowl-winning Kansas City Chiefs this offseason was making sure superstar quarterback Patrick Mahomes got a contract extension that rewarded him for what he’s been able to accomplish in his young NFL career. According to Adam Schefter of ESPN, Mahomes is going to get just that, as the reigning Super Bowl MVP is reportedly getting a whole lot of money over a whole lot of years with the hopes of keeping him in Kansas City for the next decade.

Schefter brings word that the Chiefs and Mahomes came to an agreement to a decade-long contract extension. As a result, Mahomes is set to remain with the franchise through the 2031 campaign.

Unsurprisingly, the amount of years isn’t the only gigantic number associated with this deal. Schefter reports that Mahomes’ deal will be the richest in league history, although an exact number has not been reported.

There is speculation that Mahomes’ deal could, as the years go on, be a little more complex than just a consistent dollar amount, with the possibility existing that it could be tied to the future salary cap. Whatever it is, one can argue that the Chiefs are getting a bargain — Mahomes, in his two years as the team’s starting signal caller, has began traveling down a path that could end with him being one of the best to ever line up under center. Because his numbers are always extremely funny to see written out, Mahomes has completed 66 percent of his passes during his two years as Kansas City’s starter for 9,128 yards with 76 touchdowns and 17 interceptions.