Chiefs, Mahomes strike 10-year, $503 million deal; richest in sports history

Kansas City Chiefs quarterback Patrick Mahomes holds the biggest contract in sports, signing a 10-year $503 million deal.



July 7, 2020 - 9:55 AM

Patrick Mahomes of the Kansas City Chiefs celebrates atop one of the team buses on Wednesday, Feb. 5, 2020 in Kansas City, Mo. during the city's celebration parade for the Chiefs' victory in Super Bowl LIV. Photo by David Eulitt/Getty Images/TNS

KANSAS CITY, Mo. — The Chiefs have their guy for the long haul.

Superstar quarterback and Super Bowl MVP Patrick Mahomes has agreed to terms on a 10-year contract extension in Kansas City worth approximately half a billion dollars — a staggering new record for all of sports worldwide — that will keep him in Kansas City through the 2031 season.

“This is a significant moment for our franchise and for the Chiefs Kingdom,” Chiefs chairman and CEO Clark Hunt said in a statement announcing the rich and long-awaited extension. “Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports.

“With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform. He’s an extraordinary leader and a credit to the Kansas City community, and I’m delighted that he will be a member of the Chiefs for many years to come.”

While the team didn’t disclose financial terms, Mahomes’ agency, Steinberg Sports, tweeted that the deal is a 10-year extension worth $503 million, with $477 million in guarantee mechanisms that include built-in outs if those guarantees are not exercised. The extension also carries a no-trade clause, according to Steinberg Sports.

Mahomes becomes the first half billion-dollar player in sports history, easily surpassing Mike Trout’s $430 million pact with the Los Angeles Angels of Major League Baseball.

Since joining the Chiefs in 2017 as a first-round pick, Mahomes, who turns 25 on Sept. 17, has certainly earned a lucrative contract.

The Chiefs said throughout the offseason that taking care of him was a priority. Just days after the 2020 NFL Draft, they used a fifth-year contract option on Mahomes’ rookie deal to buy themselves time to strike a new agreement.

“Getting this deal done has been a priority for us for quite a while now,” Chiefs general manager Brett Veach said in a statement. “I’d like to thank (Mahomes’ agents) Chris Cabott and Leigh Steinberg for their efforts and patience, along with Brandt Tilis and Chris Shea on my staff. I’d also like to recognize Clark Hunt, Mark Donovan and Coach Reid who have all been incredibly supportive while we’ve worked though the details.

“I’ve said from the beginning that Patrick is one of the most impressive players I’ve ever scouted, but I don’t think anyone could have envisioned everything he’s brought to our football team and community. His abilities are so rare, and to couple that with an incredible personality is outstanding.

“We’re going to continue to do everything we can to surround him with talent, and this deal provides us more flexibility to do that. He’s obviously an integral part to our success and we’re thrilled he’s going to be the quarterback of the Kansas City Chiefs for a long time.”

In addition to helping the Chiefs win their first Super Bowl championship in 50 years, Mahomes has established numerous NFL and team passing records since becoming their full-time starting quarterback in 2018.

Mahomes’ already lengthy list of career achievements includes being named the NFL MVP in 2018 — the season he became just the second man in league history to throw for 5,000 yards and 50 touchdowns — Super Bowl LIV MVP and the fastest player to reach 7,500 career passing yards (at age 24).

Over the past two regular seasons, Mahomes boasts a 23-7 record while totaling 9,128 yards passing and 76 touchdowns with 17 interceptions. He also showed he could get it done with his legs by rushing for 490 yards and four touchdowns on 103 carries.

“I’ve had the privilege of coaching a lot of incredible athletes and special people in my career, and Patrick is without question on that list of players.” Chiefs coach Andy Reid said in a statement. “The best part is he’s still early in his career. He’s a natural leader and always grinding. Whether that’s on the field, in the weight room or watching film, he wants to be the best.

“He’s a competitor and his teammates feed off his energy. He makes us all better as an organization, and we are blessed he’s going to be our quarterback for years to come.”