Patrick Mahomes is about to enter the final year of his four-year, $16.43 million contract with the Chiefs, per Spotrac. Mahomes signed his current deal in 2017 as the No. 10 pick of the NFL draft.
Mahomes received the majority of his money via a $10 million signing bonus which lowers the quarterback’s annual salary. Mahomes’ salary for the 2019 season is $645,000, a bargain by NFL quarterback standards. The Chiefs quarterback will make $735,000 during the 2020 season.
Mahomes being on his rookie deal has allowed the Chiefs to spend more money at other positions than is typically possible for teams. This edge will go away soon after Mahomes signs his second contract which will give the quarterback a significant raise.
Mahomes Is Expected to Sign a Record-Breaking Contract for More Than $200 Million
The Chiefs are expected to offer Mahomes a contract extension over the offseason. There is a good chance Mahomes signs the biggest contract in NFL history. ESPN’s Adam Schefter reported that Mahomes will likely have an average salary of more than $40 million and the deal is expected to be for more than $200 million.
“He is expected at some point during the offseason to get a new deal done with the Chiefs that I would think, just guessing, is going to be a deal in excess of $200 million over the course of that contract,” Schefter said, per NBC Sports. “So let’s just say five years, $40-plus million per year, $200-plus million.”
Mahomes’ Endorsement Deals Include Adidas, Head & Shoulders, State Farm & Hunt’s Ketchup
The Chiefs may be getting a bargain with Mahomes, but the Kansas City quarterback is bringing in money in other ways. Mahomes has a number of endorsement deals including an apparel contract with Adidas. After Mahomes won the MVP award, Adidas put up a huge banner in Kansas City to congratulate the quarterback.
Adidas is not the only endorsement deal Mahomes has as the Chiefs quarterback also has contracts with State Farm, Hunt’s Ketchup, Oakley and Head and Shoulders. Greg Goldring, Cogent vice president of brand sponsorships and partnerships, discussed what makes Mahomes so marketable in an interview with The Business Journals.
“He’s the rising face of offense for the NFL, and he has a clean background and made a great run last year,” Goldring noted to The Business Journals. “And the fact that you can recognize him by face is a really big deal. He has a unique look.”
It is no surprise that Chiefs owner Clark Hunt expressed the franchise’s desire to have Mahomes in Kansas City for a “very long time.”
“It’s something we’ve begun to discuss, but really that’s a decision we’ll make down the road,” Hunt explained to Pro Football Talk in September 2019. “He had a tremendous year this year. We’re obviously eager to see him progress in Year Two as a starter. We’ll have a couple of chances here over the next couple years to extend him. And we’ll just have to figure out when the right time is to do that for the organization. Obviously, it has big salary cap impact. A lot has been made of the opportunuties you have with quarterbacks on rookie contracts. So we want to take full advantage of that. At the same time we’re hopeful to have Patrick Mahomes in Kansas City for a very long time.”