Patrick Mahomes And Chiefs Agree To Contract Adjustment That Puts QB Back Among NFL's Highest Paid
As the summer of the huge contract extensions raised the price tag on the NFL's highest paid quarterbacks, it left perhaps the league's best quarterback Patrick Mahomes far behind.
And as Mahomes doesn't like finishing far behind in anything as his two Super Bowl titles with the Kansas City Chiefs prove, his contract needed work.
So Monday the Chiefs and Mahomes finalized an agreement that significantly adjusts the quarterback's contract, originally signed in 2020, to pay him among the league's best players, a source confirmed to OutKick.
JACKSONVILLE, FL - SEPTEMBER 17: Kansas City Chiefs quarterback Patrick Mahomes (15) reacts after a play during the game between the Kansas City Chiefs and the Jacksonville Jaguars on September 17, 2023 at EverBank Stadium in Jacksonville, Fl. (Photo by David Rosenblum/Icon Sportswire via Getty Images)
Patrick Mahomes Deal Gets Big Update
The deal puts Mahomes among the NFL's highest paid players.
Mahomes receives $210.6 million between this season (2023) and 2026. That delivers $52.65 million on an annual average basis to Mahomes over that four-year span.
The new deal includes a $20.57 million signing bonus.
Mahomes previously was averaging $45 million per season on 10-year deal that was worth $450 million. And while that deal once made Mahomes the league's highest-paid player, it aged and eventually needing a good refurbishing.
Mahomes is now the second-highest paid player in the league on an annual average basis. Joe Burrow, who recently signed a five-year, $275 million extension, continues to lead the pack at $55 million per season.
CINCINNATI, OHIO - SEPTEMBER 12: Joe Burrow #9 of the Cincinnati Bengals jogs off the field after beating the Minnesota Vikings 27-24 in overtime of the Cincinnati Bengals against the Minnesota Vikings at Paul Brown Stadium on September 12, 2021 in Cincinnati, Ohio. (Photo by Andy Lyons/Getty Images)
Joe Burrow Remains NFL's Highest Paid
Don't feel bad for Mahomes. His deal is still the largest over a four-year span in league history.
Burrow's boasts more money on an annual average basis but his deal also is a year longer.
Mahomes' adjusted contract is fully guaranteed. Work on the remainder of the original deal will continue as contract metrics change around the league.
Both sides are in agreement that as long as Mahomes continues to play like one of the league's best players, he be paid like it as well.