Patrick Mahomes is set to become the first NFL player with a contract worth more than half a billion dollars after the Kansas City Chiefs agreed to a major reworked deal with their star quarterback. According to ESPN, the new agreement keeps Mahomes with the Chiefs through the 2033 season and carries a total value of $504.75 million. The deal includes four years fully guaranteed at signing and could reach $522.25 million through incentives. The agreement comes as Mahomes continues his recovery from the knee injury that ended his 2025 season.
Patrick Mahomes signs record Chiefs contract worth more than $500 million
According to ESPN, the Chiefs added two more years to Patrick Mahomes’ existing contract, creating the first NFL deal valued at more than $500 million. The reworked agreement covers the period from 2026 through 2033 and includes $239.05 million in new money. Beginning in 2027, Mahomes will average $64 million per season under the new terms. ESPN reported that this sets a new NFL record for average annual value.
The agreement was finalized by Equity Sports CEO Chris Cabott, Chiefs general manager Brett Veach and his staff. It is the third time in the last six years that Mahomes and the Chiefs have reset the quarterback market with a new contract structure.
Kansas City has now committed $689.05 million in new money to Mahomes between 2022 and 2033 as the franchise continues building around one of the league’s most successful players.
Also Read: Travis Kelce and Taylor Swift’s spent staggering sum to rent Madison Square Garden for wedding
Clark Hunt praises Patrick Mahomes as Chiefs plan for future
Chiefs chairman and CEO Clark Hunt praised Mahomes after the agreement was completed.
“Over the last decade Patrick has become one of the most iconic, beloved sports figures of all time. He has helped lead our franchise to five Super Bowl appearances and three championships; he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage; and on top of it all he has been an outstanding role model in the community. Patrick is a generational talent and an elite human being, and I’m so excited he will continue to lead our team into the future.”
Also Read: Former star Nancy Lieberman touts Caitlin Clark as WNBA’s Michael Jordan
The new deal arrives months after Mahomes suffered a torn ACL and LCL on December 14, 2025. He underwent surgery the following day. Despite the setback, the Chiefs have remained confident that he will be ready for Week 1 against the Denver Broncos on Monday Night Football.
Mahomes originally entered the NFL on a four-year, $16.4 million rookie contract in 2017 before signing his groundbreaking 10-year, $450 million extension in 2020.
