The Kansas City Chiefs have found their new quarterback. Five months after winning their first Super Bowl in 50 years, the reigning champions and MVP Patrick Mahomes have agreed to a 10-year contract extension, keeping him at Arrowhead Stadium until the end of the 2031 campaign. According to NFL Insider Ian Rapoport, it’s the largest contract in sports’ history.
The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause
— Ian Rapoport (@RapSheet) July 6, 2020
It’s reportedly valued at $503 million for 10 years with $477 million in guarantee mechanisms. Also, no trade clauses for Showtime.
The 2018 leave MVP also gets a nice bonus for becoming NFL MVP and Super Bowl MVP moving forward. Check out what ESPN’s Adam Schefter’s latest report:
Starting in 2022, and for 10 years running, Patrick Mahomes has a $1.25 million incentive for winning AFC Championship game and a $1.25 million incentive for winning NFL MVP, per source. That’s $25M of incentives over 10 years, taking value of his deal from $477M to $503M.
— Adam Schefter (@AdamSchefter) July 6, 2020
Many believed the contract would contain messaging that ties the arrangement to a percentage of the salary cap. Schefter, however, reports that this agreement does not contain jargon that ties its value to a percentage of the salary cap.
No. 15 Is in Elite Company
Prior to this one, the biggest sports contract in history was the 12-year, $426.5M deal Mike Trout signed with the Los Angeles Angels last year. Check out the top four below.
Highest Big-4 Sports Contracts
Patrick Mahomes, 10 yr, $450M
Mike Trout, 12 yr, $426.5M
Bryce Harper, 13 yr, $330M
Giancarlo Stanton, 13 yr, $325M
Gerrit Cole, 9 yr, $324M
— Spotrac (@spotrac) July 6, 2020
This is all expected, considering rumors began swirling after his league MVP-winning season about a record-breaking deal. For the record, Seattle Seahawks quarterback Russell Wilson was the highest-paid quarterback this season, according to NFL insider Adam Caplan.
Patrick Mahomes also joins another elite fraternity. ESPN Stats & Info reports that he is fourth active player among four of the five major sports signed under contract into the next decade? The other three are MLB athletes.
Patrick Mahomes (2031) is the fourth active MLB/NFL/NHL/NBA player signed under contract into the 2030's.
The other three? Bryce Harper (2032), Mike Trout (2031) and Christian Yelich (2031). pic.twitter.com/OkTkHaZsPo
— ESPN Stats & Info (@ESPNStatsInfo) July 6, 2020
This is also the first time in 15 years we’ve seen a historic extension of 10 years in the NFL. The last time that occurred was with now-retired quarterback Michael Vick in 2004.
Chiefs Front Office Breaks Silence
Elated with the news, Kansas City Chiefs general manager Brett Veach, Chairman and CEO Clark Hunt and head coach Andy Reid each released statements celebrating the news. Check them out below, via the team website.
Chiefs Chairman and CEO Clark Hunt:
This is a significant moment for our franchise and for the Chiefs Kingdom. “Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports. With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform. He’s an extraordinary leader and a credit to the Kansas City community, and I’m delighted that he will be a member of the Chiefs for many years to come.
General manager Brett Veach:
Getting this deal done has been a priority for us for quite a while now. I’d like to thank Chris Cabott and Leigh Steinberg for their efforts and patience, along with Brandt Tilis and Chris Shea on my staff. I’d also like to recognize Clark Hunt, Mark Donovan and Coach Reid who have all been incredibly supportive while we’ve worked though the details. I’ve said from the beginning that Patrick is one of the most impressive players I’ve ever scouted, but I don’t think anyone could have envisioned everything he’s brought to our football team and community. His abilities are so rare, and to couple that with an incredible personality is outstanding. We’re going to continue to do everything we can to surround him with talent, and this deal provides us more flexibility to do that. He’s obviously an integral part to our success and we’re thrilled he’s going to be the quarterback of the Kansas City Chiefs for a long time.
Head coach Andy Reid:
I’ve had the privilege of coaching a lot of incredible athletes and special people in my career, and Patrick is without question on that list of players. The best part is he’s still early in his career. He’s a natural leader and always grinding, whether that’s on the field, in the weight room or watching film, he wants to be the best. He’s a competitor and his teammates feed off his energy. He makes us all better as an organization and we are blessed he’s going to be our quarterback for years to come.