Patrick Mahomes has seen plenty of items on his cell phone device in recent days about quarterbacks from other teams making more and more and more money. Because the media has generally accepted new-money annual average as the universal currency for ranking player pay, it looks like Mahomes is woefully underpaid.
The three-time Super Bowl winner, whose worst outcome in any of his six seasons as a starter is losing in overtime of the AFC Championship, has a new-money APY of $45 million. Three quarterbacks (Joe Burrow, Trevor Lawrence, Jordan Love) are at $55 million. Five others (Tua Tagovailoa, Jared Goff, Justin Herbert, Lamar Jackson, Jalen Hurts) are north of $50 million.
But there are other ways to look at these contracts. One way is to focus on the cash to be paid in the coming years.
And from 2023-26, as well as 2024-27, one player still leads the way in four-year cash flow. It’s Mahomes.
Here’s the four-year cash flow from 2023 through 2026, per a source with access to the numbers:
1. Mahomes: $210.6 million.
2. Lamar Jackson: $208 million.
3. Deshaun Watson: $184 million.
4. Joe Burrow: $181 million.
5. Daniel Jones:: $160 million.
6. Justin Herbert: $157 million.
7. Jalen Hurts: $157 million.
8. Kyler Murray: $153 million.
9. Josh Allen: $136 million.
10. Matthew Stafford: $121.5 million.
With recent deals included, here’s the four-year cash flow from 2024 through 2027:
1. Mahomes: $215.6 million.
2. Burrow: $213.9 million.
3. Jared Goff: $193.6 million.
4. Tua Tagovailoa: $186.1 million.
5. Jordan Love: $186 million.
6. Hurts: $184 million.
7. Herbert: $182.6 million.
8. Kirk Cousins: $180 million.
9. Jackson: $179.2 million.
10. Trevor Lawrence: $155.5 million.
Of course, that doesn’t mean the player will cash every check. Jones, for example, has little chance of making the $160 million he was due to earn from 2023 through 2026. Ditto for Cousins and his $180 million in Atlanta.
It’s still a factor. An important one. Along with other important factors, like signing bonus, full guarantee at signing, practical guarantee at signing, and the number of years until the team can activate an escape hatch from the rest of the deal.
For some reason, the media at large only ever looks at new-money APY.
Yes, Mahomes still lags on that factor. But he was due to make more than anyone from 2023 through 2026. And he’s due to make more than anyone from 2024 through 2027.
And that’s still a bargain for the Chiefs and for the NFL.