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Winning a Super Bowl at the age of 24 is just good business. If you can, it’s a highly advisable strategy to pursue. For Patrick Mahomes, who is, by any measure, the greatest player and quarterback in the NFL, the payoff will last for a decade. Per ESPN’s Adam Schefter, the Kansas City Chiefs are taking no chances in letting Mahomes hold out or try free agency, signing him to a 10-year deal.
Chiefs and QB Patrick Mahomes have reached agreement on a 10-year — 10-year! — contract extension that ties him to Kansas City through the 2031 season, league sources tell ESPN.
— Adam Schefter (@AdamSchefter) July 6, 2020
This comes at a time when NFL franchises are projecting to lose a potentially monumental amount of revenue next season in gate revenue. The salary cap, which typically rises by about $10 million per season, may hold or drop next season. That may be a factor in encouraging Mahomes, who was set to make $2.7 million next season, in the fourth year of his rookie deal, to sign for the long haul. He would have had a fifth-year option at $24.84 million following that year.
Per Schefter, as you would expect, it will be the richest deal in NFL history.
Patrick Mahomes’ 10-year — 10-year! — contract extension that ties him to Kansas City through the 2031 season will be the richest contract in NFL history.
— Adam Schefter (@AdamSchefter) July 6, 2020
The deal does not erase the final two years, Schefter reported, but will add 10 more. It’s yet unclear if those two years will have there figures changed.
Patrick Mahomes had two years remaining on his contract, and he and the Chiefs are adding on 10 more, making it a a new 12-year contract in total.
— Adam Schefter (@AdamSchefter) July 6, 2020