Insider Gives Telling Update on Patrick Mahomes’ Contract With Chiefs

Getty Kansas City Chiefs quarterback Patrick Mahomes.

Due to an influx of record-breaking contracts among NFL quarterbacks since 2021, Kansas City Chiefs quarterback Patrick Mahomes is no longer the highest-paid quarterback in the NFL. Instead, he’s now the seventh highest-paid quarterback based on average per year ($45 million) and the eighth highest-paid based on total guarantees ($141 million) according to Over The Cap.

But according to Pro Football Talk’s Mike Florio, the defending Super Bowl champions plan to address that in the coming months.

“Chiefs G.M. Brett Veach already has vowed to address the Mahomes deal after more quarterback contracts are completed. While Veach didn’t delve into any specifics, here’s what reasonably should be expected, based on our conversations with folks aware of the dynamics of the situation,” Florio wrote on May 9.

“Expect Mahomes, before the season begins, to once again be the highest-paid player in league history.”

A New Contract Would Help Chiefs Clear Cap Space

Though Patrick Mahomes is worth every penny the Chiefs give him, the problem that exists is the cap hits associated with the money that’s currently being given to him.

As it stands, Mahomes has a $39.6 million cap hit in 2023, a $46.6 million cap hit in 2024, and a $48.6 million cap hit in 2025. Those are significant cap hits if Kansas City plans on putting talent around Mahomes over the next three seasons. That’s also why it would be beneficial to the team to give Mahomes a new contract prior to the start of the 2023 season.

According to Over the Cap’s effective cap space (the cap space a team will have after signing at least 51 players and its projected rookie class to its roster), Kansas City currently has $1.35 million in available cap space.

Giving Mahomes a new deal would not only potentially make him yet again the highest-paid quarterback in the NFL, but it would likely also significantly lower his cap hit for at least 2023 if not also 2024. That could give the team more money to spend on free agents or to make a big splash prior to the November trade deadline, and could give them a lot more spending money next offseason.

Giving Mahomes an extension this summer would make sense for all parties involved, which is why Mike Florio’s report makes sense.

Brett Veach Spoke About Patrick Mahomes’ Contract Prior to Draft

Chiefs general manager Brett Veach was asked about Patrick Mahomes’ contract prior to the 2023 NFL Draft and acknowledged that the team will assess his situation once the dust settles from other deals made around the league.

“We have a special relationship with [Mahomes] and his agent. We’re in constant communication,” Veach said during his April 20 press conference. “It’s one of those things — and I think coach [Andy Reid] hinted on this in his last press conference — where as soon as one guy gets done, it’s kind of the blueprint and the model. And a few years later, it’s jumped and exceeded.

“But I think that this organization and the relationship we have with Pat will always be working to make sure that we’re doing right by everybody. There will be a couple more contracts that still have to get done — (Bengals QB Joe) Burrow and (Chargers QB Justin) Herbert — and once they do, I think you kind of look at everything and assess where you are and what you can do and take it from there.”