Patrick Mahomes, Chiefs reportedly agree to reworked contract valued at more than $500 million in NFL first

The Kansas City Chiefs and Patrick Mahomes have reached another record-breaking contract extension.

Mahomes and the Chiefs added two years to his current contract on Wednesday, according to ESPN’s Adam Schefter and the NFL Network’s Ian Rapoport. The deal will now carry Mahomes through the 2033 campaign at a value of $504.75 million total, which makes it the first deal in NFL history to be worth more than $500 million.

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This is now the third time in six years that the Chiefs and Mahomes have reached a new deal. He had previously signed a 10-year, $450 million deal with the team back in 2020.

According to ESPN, the new money on the deal is worth $239.05 million. The first four years of the deal will be guaranteed at signing, too. New money on the deal will begin in 2027.

At that point, Mahomes will average $64 million per season, which will be a new NFL record. Currently, Dallas Cowboys quarterback Dak Prescott averages $60 million per season to lead the league.

Mahomes, 30, threw for 3,587 yards with 22 touchdowns and 11 interceptions last season, his ninth with the team that selected him with the No. 10 overall pick back in 2017.

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Mahomes’ season was cut short, however, after he tore his ACL in mid-December. He underwent surgery, and Chiefs general manager Brett Veach said last month that Mahomes was “way ahead of schedule.” It’s still unclear if he’ll be able to be ready for training camp and the start of the season.

The Chiefs went just 6-11 last season, and missed the playoffs for the first time since 2014. That ended what was a dynasty-level run for the franchise, which won three Super Bowl titles and reached the game five times in a six-year span. The Chiefs will open the 2026 regular season against the Denver Broncos on Sept. 14.

While Mahomes is coming off a major injury, and he’ll be pushing 40 by the time his current deal with the franchise is over, the Chiefs clearly still have full confidence in him to lead the franchise for years to come.