Patrick Mahomes Contract Overview and Current Deal Structure
Patrick Mahomes signed a 10-year extension with the Kansas City Chiefs in July 2020, making it the largest contract in NFL history at the time of signing. The deal is worth up to $503 million with $141 million guaranteed, according to Spotrac. The contract runs through the 2031 season and includes a no-trade clause, giving Mahomes full control over his destination. The structure uses a mix of salary, roster bonuses, and restructured incentives to optimize cap space for the Chiefs.
The base salary for Mahomes in the 2024 season is $45 million, with a cap hit of $48.7 million, as reported by OverTheCap. His cap number rises each year through 2028 before tapering slightly in the final seasons. The contract includes a $30 million roster bonus due in March 2025, which can be restructured to manage cap flexibility. The deal also features a $10 million signing bonus spread over the first two years of the extension.
Patrick Mahomes Contract Guarantees and Payout Details
The guaranteed money in Mahomes' contract is $141 million, making it the most guaranteed deal in NFL history. The first $10 million of the signing bonus is fully guaranteed upon signing, while the remaining $131 million in guarantees is tied to injury and performance conditions. The contract also includes a $10 million roster bonus in 2025 that is fully guaranteed upon receipt. These guarantees ensure Mahomes receives nearly $141 million regardless of injury or performance.
Mahomes' average annual value (AAV) is $45.3 million, the highest in the NFL. His total cap number from 2024 through 2031 is projected at $415 million by Spotrac. The final two years of the deal include $40 million and $38 million cap hits respectively, with a $5 million bonus in 2031. The contract also includes a $1 million per year workout bonus and a $1 million roster bonus in 2026, both fully guaranteed.
Patrick Mahomes Contract Comparison and NFL Context
Mahomes' contract is the largest in NFL history by total value and average annual value. The next closest deal is Joe Burrow's 5-year, $275 million extension with the Cincinnati Bengals, according to ESPN. Mahomes' deal surpasses Dak Prescott's 4-year, $160 million extension with the Dallas Cowboys, which was the previous record for AAV. The Chiefs' front office structured the deal to balance cap flexibility with long-term security for their franchise quarterback.
The contract has been restructured multiple times to create cap space, including converting base salary to signing bonuses in 2023 and 2024. The Chiefs currently have enough cap space to absorb Mahomes' deal while maintaining a competitive roster, as reported by Forbes. Mahomes' contract is widely viewed as a benchmark for future quarterback deals in the NFL, setting a new standard for guaranteed money and total value.