After a lackluster 2023 regular season, Patrick Mahomes let the NFL world know that he had entered the league as perfect playoff material. He soon proved it by securing his third Super Bowl victory in five years and solidifying the Kansas City Chiefs’ place in NFL history as a back-to-back Super Bowl winner.
After the financial boost from the Super Bowl triumph, the star quarterback promptly demonstrated his appreciation for the team’s support by opting for a contract overhaul.
Patrick Mahomes to reconstruct Chiefs contract
Patrick Mahomes is making strategic moves off the field to ensure the team’s continued success on it. Recent reports by NFL insider Adam Schefter reveal the quarterback’s decision to restructure his massive 10-year, $450 million contract, freeing up an additional $21.6 million in salary-cap space for the Chiefs.
After securing a Super Bowl victory, the three-time NFL MVP expressed his ambition to achieve a three-peat. This strategic contract move is geared toward assembling a team that can bolster their pursuit of this historic feat.
Originally slated to have a cap hit exceeding $58 million, Pat previously restructured his contract in 2021, adjusting payments to earlier years. This recent move aligns with his commitment to supporting the team’s competitiveness.
Despite his accomplishments, Mahomes acknowledges he’s only halfway to Tom Brady’s legacy. The Super Bowl LVIII win brought him closer, but he is relentless in his pursuit of NFL greatness. His contract restructuring echoes Tom Brady’s approach, who consistently took less money to strengthen the New England Patriots.
During Brady’s tenure from 2004 to 2019, he earned $241 million, averaging about $15 million per year. Yet, Brady’s willingness to restructure and extend contracts contributed significantly to the Patriots’ success, with him potentially sacrificing up to $100 million for the team’s benefit, per Business Insider.
How much does Patrick Mahomes earn at Chiefs?
In 2020, Patrick Mahomes inked a monumental 10-year, $450 million extension, securing an annual average value of $45 million. Nevertheless, in September 2023, a contract restructuring was on the table for the Kansas City Chiefs and Mahomes.
This adjustment, prompted by other quarterbacks signing higher-value deals, resulted in a new four-year contract adjustment spanning 2023–2026. It set a new NFL record with a cash earnings total of $210.6 million. The annual average value of this revised deal reached an impressive $52.65 million.
Forbes recognized his financial prowess, ranking him at No. 23 on the 2023 list of the world’s highest-paid athletes. In addition to his contract earnings, Mahomes also secured $20 million in sponsorship deals in 2023. It placed him second among NFL athletes, with only Tom Brady surpassing him.
Before the restructuring, the 28-year-old had one of the league’s lowest base salaries at $1,325,556. Nevertheless, the bulk of his 2023 earnings stemmed from a substantial $22.4 million roster bonus, supplemented by various other bonuses embedded in his contract.
What’s your take on Pat Mahomes’ contract restructure move? Let us know in the comment box.
