Patrick Mahomes Contract and Salary Structure
Patrick Mahomes signed a 10-year contract extension with the Kansas City Chiefs in July 2020, making him one of the highest-paid quarterbacks in the NFL. The deal is worth up to $450 million with $141.4 million guaranteed, according to Overthecap.com. His base salary for the 2024 season is $46.1 million, placing him among the top earners in professional sports.
The contract includes a $10 million signing bonus and annual roster bonuses that escalate each year. Mahomes also receives a $5 million workout bonus and performance incentives tied to Pro Bowl selections and Super Bowl victories. His cap hit for 2024 is $46.1 million, with a dead cap value of $38.7 million if he were released before the contract expires.
Patrick Mahomes Earnings and Bonus Breakdown
Mahomes earned $45 million in base salary for the 2023 season, with an additional $2 million in roster bonuses and $500,000 in workout bonuses. His total cash compensation for 2023 was $47.5 million, according to Spotrac.com. The contract guarantees $141.4 million through 2026, with $30 million guaranteed in 2024 alone.
Performance incentives in Mahomes' contract include $1 million per Pro Bowl selection and $2 million per Super Bowl victory. He has earned $15 million in incentives over the first three years of the extension. His average annual salary of $45 million ranks him first among NFL quarterbacks and fifth among all NFL players.
Patrick Mahomes Net Worth and Endorsements
Patrick Mahomes has an estimated net worth of $100 million as of 2024, according to Forbes.com. His contract with the Chiefs accounts for the majority of his wealth, but he has also secured lucrative endorsement deals with companies like Oakley, Adidas, and State Farm. His annual endorsement income is estimated at $5 million to $7 million.
Mahomes signed a lifetime contract with Adidas in 2017, reportedly worth $10 million over 10 years. He also has a partnership with Oakley that includes signature eyewear lines. His business ventures include ownership stakes in the Kansas City Royals and several restaurant franchises, which contribute to his overall financial portfolio beyond his NFL salary.