KANSAS CITY, Mo. — The Kansas City Chiefs wandered through a quarterback desert for decades, and now that they have their guy the club has no intention of letting him go.
The Chiefs on Monday agreed to terms on a 10-year contract extension with Patrick Mahomes. Steinberg Sports, which represents Mahomes, says the deal is worth $503 million. The deal also includes a no-trade clause and $477 million in guaranteed mechanisms with opt-out options if guarantees aren’t exercised by the club.
Mahomes confirmed the news in tweeting out a celebratory video, saying he’s “here to say” in Kansas City.
The fact that the two sides reached agreement on an extension is no surprise but the timing is unexpected. Club chairman and CEO Clark Hunt said during Super Bowl week he expected an extension for his quarterback within the next 12 to 15 months.
Hunt called the agreement a significant moment for the franchise in a statement issued by the club.
“Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports,” Hunt said. “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.”
The onset of the COVID-19 pandemic added to the uncertainty over contract negotiations. The fate of the full 2020 season remains in doubt, and NFL teams since the onset of the pandemic showed reluctance to commit to long-term contracts.
Despite those concerns, general manager Brett Veach in his statement said getting an extension done with Mahome was a “priority for us for quite a while now.”
“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,” Veach said.
“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.”
The deal is the largest in sports history, eclipsing the 10-year, $426 million contract belong to baseball’s Mike Trout with the Los Angeles Angels. It easily tops the NFL’s richest previous deals, including the $150 million contract belonging to Atlanta quarterback Matt Ryan the $35 million annual salary of Seattle quarterback Russell Wilson.
The 10-year extension is tacked on to the remaining two years of the rookie contract Mahomes signed as the No. 10 overall pick. Mahomes is scheduled to make nearly $2.8 million this season and approximately $24.8 million in 2021 under the five-year deal totaling $41.35 million.
The 12-year extension would keep Mahomes in as Chiefs uniform through his age 36 season, paying out an estimated $544.35 million over the course of 15 seasons.
Mahomes earned his extension with a record-setting starting to this career during the past three seasons. His 9.412 passing yards and 76 touchdowns are tops in NFL history for a quarterback through their first 31 career regular-season starts. He also hauled in NFL MVP honors in 2018 and the Super Bowl LIV MVP award in the team’s championship 2019 season.
Chiefs head coach Andy Reid in a statement said he thinks the best of Mahomes is still to come.
“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,” Reid said. “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.”