The Kansas City Chiefs are set to renegotiate Patrick Mahomes’ contract soon as other quarterbacks in the league have surpassed his $45MM-AAV pact. Although Mahomes’ extension expires in March 2032, his rivals, such as Jalen Hurts and Lamar Jackson, have moved past the $50MM-per-year barrier on long-term deals in April, which puts Mahomes’ deal at seventh place.
With nine seasons left on his current contract, the Chiefs will likely look into Mahomes’ deal after other quarterback pacts become finalized, but they may avoid a potential standoff down the road. Mahomes will enter the 2023 season as the league’s highest-paid QB again, but Kansas City won’t be expected to relinquish the control and roster-building advantages the 2020 extension provided them.
To avoid a possible standoff, NFL insiders suggest tacking on three years and $156MM to Mahomes’ current contract, which is already north of $450MM in total value. This type of bump would move Mahomes back to the top of the list as the league’s highest-paid QB above Jackson’s $52MM-per-year average. A new agreement of any sort will likely require a guarantee adjustment, with relevant source materials coming from the Hurts and Jackson deals.
Mahomes, 27, is not believed to have pushed for an adjustment to put him on par with his peers in renegotiating his contract. However, the Texas Tech product changed the Chiefs’ trajectory to the point where they won two Super Bowls and appeared in three during his five-year starter tenure. His two MVPs are more than any active QB except Aaron Rodgers, and his two Super Bowl MVP honors lead all active NFLers.
Only $63.1MM came fully guaranteed in Mahomes’ 2020 deal, compared to Watson’s Browns pact that includes $230MM locked in. But the Chiefs included guarantee mechanisms that protect Mahomes, giving him year-out security. Nevertheless, the market has changed considerably since the contract’s finalisation, and the Chiefs have a new Chris Jones extension to construct, with the team’s top pass rusher entering the final season of his four-year contract.
Should the Chiefs proceed with renegotiating Mahomes’ contract early, it will be one of the most interesting contractual processes in recent NFL history. With Burrow potentially set to take the market to $55MM per year, the Chiefs will have a unique task to complete in the coming months. The team will have to consider Mahomes’ accomplishments, his impact on the team’s success, and his role in changing the team’s trajectory before settling on a new agreement.
