The Chiefs have addressed a major difficulty by renegotiating quarterback Patrick Mahomes’ contract. After the brand new contract signed by Bengals quarterback Joe Burrow, Mahomes discovered himself $10 million per yr under the highest of the marketplace for his place. Consequently, the Chiefs and Mahomes have labored out a brand new contract that can prolong their relationship till 2026 with none additional changes. Which means that Mahomes is now signed into the following decade.
In line with a supply conversant in the deal, the brand new contract doesn’t embody any extra cash. As an alternative, funds have been rearranged to enhance Mahomes’ money circulate. From 2023 to 2026, Mahomes will obtain $208.1 million, all assured for harm. Particularly, he’ll earn $56.85 million in 2023 (having already earned $35 million underneath the earlier deal), $44.5 million in 2024, $50 million in 2025, and $56.76 million in 2026.
Moreover, Mahomes is predicted to obtain $59.2 million in 2027. This five-year complete of $261 million surpasses different quarterback contracts throughout the identical interval. It’s vital to notice that the contract might be reevaluated after the 2026 season.
The adjustment to Mahomes’ contract has been lengthy overdue. Nevertheless, it was vital to deal with the Burrow deal earlier than the Chiefs and Mahomes may precisely assess the suitable quantity to decide to him.