Patrick Mahomes is viewed as the most invaluable player in the NFL and the Kansas City Chiefs paid him as such. Fresh off of his first Super Bowl victory, the Chiefs inked the electric signal-caller to a historic extension worth up to $503 million over the span of 10 years.
Besides setting a new precedent in the NFL, Mahomes became the richest athlete in sports history after signing his new deal with the Chiefs. Over a year ago, Mike Trout — the superstar outfielder for the Los Angeles Angels — signed a 12-year, $426.5 million contract. But just a year later, Mahomes is going to eclipse Trout’s contract by a pretty wide margin.
Ever since the news first broke out about Mahomes’ massive extension, the media and fans alike have discussed if signing the contract was of the best interest for the gifted quarterback.
Should he have signed for 10 more years despite having two years remaining on his rookie deal? Could he have gotten more if he were to wait until next offseason to negotiate a new contract? Is Mahomes’ deal going to pay him his deserved value in the latter portion of his contract? These are questions that some have asked and the answers have yet to be determined.
However, for the most part, everyone seems to be in agreement that Mahomes is absolutely worth every penny he’ll receive in his freshly-signed extension. With that in mind, did the Chiefs make the right move in securing Mahomes for another 10 years?
Reasons why Kansas City hit a home-run in inking Mahomes to a 10-year extension
Since becoming a starter in 2018, Mahomes has done nothing but cement himself as the best quarterback in the NFL. The former No. 10 pick in 2017 has accumulated 9,128 yards, 76 touchdowns, and 17 interceptions in his first two seasons as a starter.
Above all, he’s led Kansas City to a 23-7 record in the regular season and a Super Bowl appearance. Of course, Mahomes would snap the Chiefs’ 50-year drought of hoisting the Lombardi trophy last season.
If there’s anything Mahomes proved to everyone in 2019, it’s that no lead is safe against him. Also, to the dismay of defensive coordinators, he’s only getting better at his craft. Provided that, why should the Chiefs risk any chance of him leaving the organization? Therefore, adding 10 more years to the rest of his current contract appears to be a wise decision.
In today’s NFL, it’s unheard of for a team to extend a 10-year deal to one of their players. The last players to garner 10-year contracts from their respective teams were Donovan McNabb and none other than Brett Favre. Favre is someone that Mahomes has been likened to at times due to their similar arm talent.
However, with the NFL trending toward becoming a pass-oriented league, it’s vital to secure your franchise quarterback long-term. Therefore, the Chiefs did the right thing in rewarding Mahomes for what he’s already done for the franchise. At the same time, they are confident in what Mahomes will achieve in the future.
Within his new extension, Mahomes is set to make $477 in ‘guaranteed mechanisms’. And the deal could easily escalate to $503 million. The guaranteed mechanisms are just a fancy way of saying that each season there will be bonuses that Mahomes can earn for himself. Not to mention, he has an opportunity to opt-out and possibly renegotiate at certain points in his contract.
For the Chiefs, giving the 24-year-old gunslinger a 10-year extension seems like a win-win. Even though he missed two games in 2019, there’s no reason to believe Mahomes won’t make his contract worthwhile for Kansas City.
Seeing that he still has two years left on his current contract, Mahomes is under contract through the 2031 season. If you fast forward five to eight years from now, will Mahomes’ deal still reign as the richest contract in the NFL though?
While the NFL salary cap is expected to take a hit in 2021 due to COVID-19, it’s expected to see extensive rises in the future. Guys like Deshaun Watson, Lamar Jackson, and Kyler Murray could rival Mahomes’ extension in the future. Depending on the salary cap, one of them might even surpass Mahomes’ lucrative deal.
In light of that, the Chiefs could actually be getting a steal with Mahomes’ new contract. All in all, Kansas City came away as winners in signing Mahomes to a monumental 10-year extension.