Mahomes will have a chance to earn $503 million over the next 12 seasons including incentives and the two remaining years on his rookie contract, his agency announced. The megadeal will run through the 2031 season and carry a base value of $477 million over that 12-year period, with another $25 million available in incentives.
The $477 million comes with guaranteed mechanisms, meaning Kansas City must either guarantee Mahomes' salary a full year in advance or cut him, according to NFL Network's Ian Rapoport. The deal also includes a no-trade clause.
It's the richest contract in sports history, carrying a new-money average of $45 million per season.
Highest-paid QBs in NFL
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Mahomes has been on a torrid pace since replacing Alex Smith as the Chiefs' starter two years ago. He took the NFL by storm in 2018, throwing for over 5,000 yards and 50 touchdowns en route to MVP honors. He led the Chiefs to Super Bowl LIV in 2019, and he was named the game's MVP after engineering a 10-point comeback against the San Francisco 49ers in the fourth quarter.
Before Mahomes, the Chiefs had recorded just one playoff win since 1993. Kansas City hadn't hoisted the Lombardi Trophy since Super Bowl IV.
With Mahomes in the saddle, Kansas City has been nearly unstoppable offensively. The Chiefs ranked first in points per game in 2018, and fifth last year despite Mahomes missing two contests due to a knee injury.
The Chiefs went into the offseason prioritizing an extension for their superstar, but negotiations were believed to be slowed by uncertainty surrounding the future of the salary cap because of the COVID-19 pandemic.
Kansas City traded up in the 2017 NFL Draft to select Mahomes 10th overall. He was the second quarterback taken after the Chicago Bears drafted Mitchell Trubisky with the No. 2 overall pick.