The Chiefs have done something that needed to be done.
With quarterback Patrick Mahomes falling a full $10 million per year behind the top of the market at his position in the aftermath of the new contract signed by Bengals quarterback Joe Burrow, the Chiefs and Mahomes have worked out a new contract that, as a practical matter, will carry the relationship through 2026 without further adjustment. He remained signed into the next decade.
Per a source with knowledge of the deal, it includes no new money. Instead, payments were moved around to enhance the cash flow for Mahomes.
Mahomes will now receive $208.1 million from 2023 through 2026. All of it is guaranteed for injury.
Under the adjusted contract, Mahomes receives $56.85 million in 2023 (he had already earned $35 million under the existing deal), $44.5 million in 2024, $50 million in 2025, and $56.76 million in 2026.
He’s also due to receive $59.2 million in 2027. The ensuing $261 million over five years outpaces the other quarterback contracts during that same window.
Again, the contract is structured to be revisited after the 2026 season.
The latest adjustment was a long time coming. But the Burrow deal needed to be done before the Chiefs and Mahomes could make the most intelligent assessment of the amounts to be committed to Mahomes.
UPDATE 9/23/23 10:00 a.m. ET: Mahomes also has received $2.5 million in 2023, arising from a pair of incentives technically earned and paid this year. He received $1.25 million for winning the league MVP award, and $1.25 million for winning the Super Bowl. Including those amoungs, he receives $210.6 million through 2026 — and $59.35 million this year.
