Patrick Mahomes has agreed to a two-year contract extension with the Kansas City Chiefs worth $504.75 million, making him the highest-paid quarterback in the NFL. This extension ties him to the team through the 2033 season. The deal, which has not yet been signed, has been in negotiations for weeks between Mahomes' representatives and Chiefs general manager Brett Veach.
The new contract will take Mahomes' earnings to over half a billion dollars across eight seasons, marking the first NFL contract to exceed this amount. If Mahomes meets certain performance incentives, his total earnings could rise to $522.25 million. Starting in 2027, when $239.05 million in new money is added, Mahomes will average $64 million per season, surpassing the current highest average of $60 million held by Dak Prescott of the Dallas Cowboys.
Previously, Mahomes signed a 10-year contract worth $450 million in 2020, which made him the highest-paid quarterback at that time. However, in the years since, several quarterbacks have signed contracts with higher annual averages. Mahomes has led the Chiefs to five Super Bowl appearances, winning three championships, which some argue justifies the recent increase in his salary despite a decline in his passing yards over the past three seasons.