Quarterback Patrick Mahomes broke a record among the professional athletes who ever signed a contract. He did so by securing a 10-year-contract extension with the Kansas City Chiefs that’s worth $503 million.
He’s the first athlete to land a half-billion-dollar contract and the first NFL player to be the top paid sports figure in the world, according to NFL Network.
Signing a 10-year extension is rare in today’s sports world where athletes ink relatively short-term contracts so they can jump back into the free agency market every few years to test their value.
But with the 24-year-old being a breakout star and having so much success in his first two seasons as a starter, the Chiefs seemingly wanted to keep him for his entire NFL career.
The extension — Mahomes was already under contract for the next two seasons — would keep the quarterback with the Chiefs through 2031, when he would be 36 years old. His contract, which includes a no-trade clause, is reportedly worth $477 million, with a $141.48 million injury guarantee, and it could swell to $503 million with incentive bonuses.
ESPN reports that he’ll get over $83 million in signing bonuses between 2021 to 2023 and a $49.4 million bonus in 2026.
Additionally, the deal includes $25 million in incentives over the next decade beginning in 2022 that are attached to Mahomes winning the AFC Championship Game, securing the league MVP, and reaching the Super Bowl.
He posted a video about the contract signing on Monday, July 6, and wrote, “We’re staying together … for a long time. We’re chasing a dynasty.”
After being selected tenth in the 2017 NFL Draft, and sitting out his first season, Mahomes has been an offensive force, being able to scramble with the best of them and hit wide receivers with unorthodox passes.
He was selected to the Pro Bowl twice, named first-team All-Pro in 2018, and wInning the NFL MVP that year. He was only the second Black quarterback to win the NFL MVP. Steve McNair was the first when he and Peyton Manning won it together in 2003.
Mahomes also brought the Chiefs to the Super Bowl last season, where they beat the San Francisco 49ers 31-20, leading him to become the youngest player ever to be selected the Super Bowl MVP.
“Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports,” said Chiefs chairman Clark Hunt in a statement.
“With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform,” he added. “He’s an extraordinary leader and a credit to the Kansas City community, and I’m delighted that he will be a member of the Chiefs for many years to come.”