Chiefs’ Patrick Mahomes’ contract worth much more than initially reported
ESPN’s Adam Schefter first reported that Patrick Mahomes would be signing a 10-year, $450 million extension with the Kansas City Chiefs. But just like an old Billy Mays commercial, there’s more. According to NFL Network’s Ian Rapoport, Mahomes’ new extension is worth much more than the initial reports suggested.
The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause
— Ian Rapoport (@RapSheet) July 6, 2020
On Friday, the sports world was taken aback when it was revealed that the Chiefs were going to give Mahomes a 10-year extension. While Mahomes deserves every penny on his new deal, getting a 10-year contract in today’s NFL is unheard of. The last quarterbacks to receive 10-year deals were Brett Favre and Donovan McNabb.
Besides receiving $503 million in total, Mahomes is getting some favorable details in his contract. First and foremost, Mahomes is going to garner $477 million in ‘guarantee mechanisms,’ per Rapoport. In all likeliness, the guarantee mechanisms are going to be guaranteed bonuses that kick in at a certain time in the contract.
At the same time, Mahomes is going to have some flexibility in his historic contract with the Chiefs. The reigning Super Bowl MVP will have the opportunity to opt-out at specific points in his deal.
Lastly, to put the icing on the cake, Kansas City gave Mahomes a no-trade clause — giving him the ability to deny any trade the Chiefs would involve him in. Seeing how he’s performed in his first three seasons, there’s no reason to believe he’ll have to exercise the no-trade clause.
Some people questioned why Mahomes would sign the 10-year, $450 million deal when the news first broke. However, now seeing that the deal is worth $503 million and there are favorable aspects to it, those questions have subsided.