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 12 months beneath the highest of the marketplace for his place. In consequence, the Chiefs and Mahomes have labored out a brand new contract that may lengthen their relationship till 2026 with none additional changes. Which means Mahomes is now signed into the following decade.
In response to a supply acquainted with the deal, the brand new contract doesn’t embrace any further cash. As an alternative, funds have been rearranged to enhance Mahomes’ money circulation. From 2023 to 2026, Mahomes will obtain $208.1 million, all assured for damage. 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 necessary to notice that the contract shall be reevaluated after the 2026 season.
The adjustment to Mahomes’ contract has been lengthy overdue. Nevertheless, it was mandatory to handle the Burrow deal earlier than the Chiefs and Mahomes might precisely assess the suitable quantity to decide to him.