The Patrick Mahomes story has taken another turn. He just signed a historic contract extension with the Kansas City Chiefs.
NFL insiders Ian Rapoport and Adam Schefter told the news Wednesday evening. They reported that the three-time Super Bowl champion agreed to a reworked deal that will keep him with the AFC West team through the 2033 season.
This deal is worth $504.75 million, making it the first deal in NFL history worth more than half a billion dollars. The first four years of this agreement are guaranteed.
In addition, Mahomes can increase this deal by playing incentives. He can earn up to $522.25 million. The NFL insiders did not provide details on those incentives, but most contract incentives are tied to on-field performance and team performance.
For example, if a quarterback leads a team to the playoffs, they can earn a certain amount. If they lead the team deep into the playoffs, they earn more. If they reach the Super Bowl, they earn even more.
Like someone who has won the MVP twice and taking the Chiefs to the Super Bowl five times, it’s highly likely that Mahomes will reach some of those incentives.
For now, though, he’ll simply enter the season as the highest-paid quarterback. He will make $64 million annually, surpassing Cowboys quarterback Dak Prescott by $60 million.
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This contract extension comes at a time when NFL fans are wondering about Mahomes’ return to the field. The veteran quarterback ended last season early after tearing his LCL and ACL against the Chargers.
He has focused on rehab as the Chiefs prepare for the 2026 NFL season, but it remains unclear if he will be healthy in time for Week 1.
The Chiefs start the season with a game on September 14 against the rival Broncos. They will host the Week 1 game, which kicks off Monday night football.
Polymarket traders has focused on Mahomes’ health throughout the offseason. They have bet on his return.
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The merchants currently have Mahomes’ chances to start Week 1 at 57%. Bengals backup Joe Flacco is second on the list at 31%.
The traders do not have a value attached to new Chiefs quarterback Justin Fields, who landed with the team via trade after last season.
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