Chiefs are adding two years to Patrick Mahomes’ contract, which will run thru his age 38 season.
When Mahomes signed his first extension in 2020, it was a 10-year, $450 million deal, or $45 million AAV.
This extension is 8 years, with $504.75 million, or $63.1 million AAV.
The new money on Patrick Mahomes’ deal is worth $239.05 million, with the total value now at $504.75 million from 2026-33, with the first four years being guaranteed at signing. All $504.75 million becomes guaranteed through contract mechanisms.
Mahomes can earn up to $522.25 through incentives and escalators. Beginning in 2027, when the new money begins, the deal averages $64M per year, setting a new NFL record for average annual value.