Mahomes, Chiefs agree to 10-year, $503 million extension

Mahomes, Chiefs agree to 10-year, $503 million extension

A timeline of Monday’s momentous announcement of a 10-year contract agreement between the Kansas City Chiefs and quarterback Patrick Mahomes that’s worth up to $503 million — making Mahomes the first half billion dollar player in sports history.

6:30 PM:

A yearly breakdown of the cash flow on Mahomes’ new contract:

6:05 PM:

Tom Pelissero & Mike Garafolo provide additional details regarding the structure of Mahomes’ deal, noting that it leaves the #Chiefs with a lot of short-term flexibility.

6:02 PM:

Ian Rapoport explains what the guarantee mechanism in Mahomes’ contract is:

5:58 PM:

Adam Schefter breaks down the incentives included in Mahomes’ contract, which come out to $25 million over 10 years.

5:06 PM:

Compensation update: Ian Rapoport & Tom Pelissero report Mahomes’ 10-year extension is worth $503 million with $477 million in guarantee mechanisms.

4:40 PM:

The Chiefs and Mahomes make their official announcements on social media:

4:01 PM:

The numbers are in:

3:40 PM:

Beyond that, Mahomes is also now signed to a contract that is five seasons longer than any other player in the NFL.

3:07 PM:

A little more than an hour after breaking the news, Schefter provided more contract details — reporting that the extension is worth over $400 million in total. This number makes Mahomes’ contract the new largest contract ever in North American sports history — surpassing Major League Baseball star Mike Trout’s at $426.5 million.

1:54 PM:

The Kansas City Chiefs’ biggest item on their offseason to-do list is reportedly done, as both the Chiefs and quarterback Patrick Mahomes have come to an agreement on a 10-year contract extension, per ESPN’s Adam Schefter.