The Chiefs announced on Monday that the Quarterback Patrick Mahomes and the team agreed on a 10-year contract extension.
The deal is worth $477 million for the NFL record, with a total signing of $63 million fully guaranteed, by Albert Breer of the MMQB.
The injury guarantee of Mahomes is $141 million, and roster rewards per Breer are due every March.
Many anticipated that Mahomes and the leaders would extend their time after the team used the five-year option on April 30. The rookie deal of Mahomes’ 2021 option increased over five years to $41 million. The extension has been a new 12-year contract since he had two years to remain in his current deal, says Schefter.
The leaders would like to lock Mahomes into their fourth-quarter revival after he led Super Bowl LIV in February. It is no surprise. Mahomes has been at the center of the offensive explosion of the team for two years. He has created highlight rolls full of no-look passes and darts to dash down large recipients. During 2018, Mahomes threw 50 Touchdown Passes during his first entire season, named NFL MVP.
With a dislocated knee cap, Mahomes struggled last season. Nevertheless, he only missed two games with the injury. His second Pro Bowl is finished in 2019 with 4,031 yards, 26 touchdowns, 5 interceptions. In 2017, the leaders drafted it out of Texas Tech with the No. 10 overall selection.
Details of the Contract
Before Debbie Downers said that Mahomes had sold itself short, the news had barely gone. The 10-year deal is worth up to $503 million, with a rolling guarantee structure that would pay Mahomes $477 million over 12 seasons, Ian Rapoport and Tom Pelissero reported by the NFL Network. Mahomes will be given a cumulative signing of $63 million and $103.5 million by March 2021 and, if he is already on the roster at the time, $141.4 million will be assured by March 2012, according to Pelissero. Rapoport added that the agreement contains a no-trade clause.
These strokes are still comprehensive. But irrespective of how you break the deal, Mahomes has reset the quarterback market on average wages. The average salary for Russell Wilson was $35 M; the average for Mahomes $477 M over 12 years was $39.5 M over 12 years. Back in 2016, Andrew Luck signed the largest $140 million deal in NFL history; now, Mahomes is more secured in the first twenty months.
The “Big Winners”
Whatever “mechanisms” are guaranteed, for Mahomes and the Chiefs, the timing of the contract is a huge victory. It is complicated and will only be more and more difficult to conclude big business deals during the pandemic. The agreement was signed before the training camp on both sides, and Mahomes will not threaten any injury in a rookie contract that will be well below its 2020 value. I’ll never criticize a player for not making every last dollar in return for long-term safety. Financial health for his family is now safe for many generations.
This long-term risk will result in Mahomes being underpaid in a few years again. But that is known to both sides. He gave up some leverage in future agreements, but this contract will not remain untouched until he starts to go grey. As the quarterback market changes, the contract with him will inevitably change. This is just how the NFL contracts for great players work without guarantee.
For the fans, securing such a worthy asset at the prime of his career and knowing that he is going to be around for the next decade is something they can smile about. Anticipating more wins and significant trophies in the coming seasons is excellent news.
In this deal, one of the great losers is the Defensive Tackle of the Chiefs. He is one of the top five football rushers. Unless he pulls a Le’Veon Bell, he’s going to play under the franchise tag. No one accuses the chiefs of giving Mahomes priority, but Jones is in a difficult place. Before Mahomes’ deal, the leaders had not had a lot of cap room. He might find room for Jones for a mega-deal if they wanted it, but that probably wasn’t shown by their actions.