Chiefs, Mahomes Agree to Historic $504.75 Million Extension
The agreement adds two years to Mahomes' contract, putting him under team control through 2033.
Patrick Mahomes and the Kansas City Chiefs have agreed to a contract extension with a total value of $504.75 million, his agency Equity Sports announced on Wednesday.
The extension modifies the previous 10-year, $450 million contract signed in July 2020. Mahomes had slipped to 13th in average annual value among quarterbacks before this extension.
With the new deal, Mahomes will be under contract for at least three years longer than any other active quarterback. The second-largest total contract value is $330 million (Josh Allen).
Update on Mahomes' Recovery from Knee Surgery
Mahomes underwent surgery in mid-December for a torn ACL and LCL in his left knee.
He has participated in installs, individual drills, and 7-on-7 during organized team activities and mandatory minicamp. He has not yet participated in 11-on-11 team drills as a precaution. In late May, Mahomes stated he was not running or cutting much then.
His stated goal is to return for the Chiefs' season-opening home game against the Denver Broncos on September 14.
Chiefs general manager Brett Veach described Mahomes as the "ultimate leader" and praised his rehabilitation work, noting that on a recent Monday, the only other person at the facility was Mahomes. Coach Andy Reid also commended Mahomes' rehab effort.