Kansas City Chiefs QB Patrick Mahomes has one of the most extraordinary contracts in all of professional sports. His contract has become one of the most complex in the NFL due to the nature of the length and the various alterations that have been made during the past few seasons. Let’s take a look at Mahomes’ current contract, as well as how much his salary and total earnings will be for the 2023 NFL season.
Patrick Mahomes’ Contract Is an Extraordinary Situation
Mahomes’ contract is somewhat unique in NFL terms. While we see long-term deals such as this one in other professional sports, 10-year deals in the NFL are extremely rare. Mahomes was just the sixth player in NFL history to get a deal of 10 years or more when he signed his in 2020.
The sticker value of Mahomes’ original 10-year contract extension was $450 million, but with incentives, that could see the deal reach more than $475 million if the Chiefs made the AFC Championship Game and Mahomes won the MVP in all of those seasons. The original contract had $63 million guaranteed with a structure of rolling guarantees throughout the deal.
However, 2023 saw Mahomes sign a revised contract which changed the structure of the original deal. The new revision moved money forward from later in the deal. While it did not change the overall value of the contract, it was essentially a raise of $48.3 million from 2023 to 2026. Two void years were also added to the deal, while the incentives were altered to become escalators for cap space purposes.
Between 2023 and 2026, Mahomes is set to earn $210.6 million. That is the most in NFL history across four years. With the escalators, the deal could be worth as much as $218.1 million by the end of 2026. As part of the restructuring, the two sides plan to revisit the deal in 2026. While the contract itself remains until 2031, it appears as though in real terms, this is now a four-year deal for Mahomes.
However, with cap numbers over $57 million for 2024 to 2026 at an average of over $60 million, the Chiefs will likely make alterations throughout the next three years. The full terms of the deal in terms of cap numbers through 2031 are:
- 2023: $37.134 million
- 2024: $57.358 million
- 2025: $60.858 million
- 2026: $63.265 million
- 2027: $59.414 million
- 2028: $27.175 million
- 2029: $34.975 million
- 2030: $45.525 million
- 2031: $48.375 million
In reality, all we need to focus on is the immediate cap numbers and salary in the next few years — the way this deal is structured, the contract numbers will likely change each season.
What Are Mahomes’ Salary, Earnings, and Cap Numbers in 2023?
The 2023 numbers for Mahomes take some unpacking with a base salary of $1,325,556. Spread across the 17 games, that is an average of $77,974 per game. While that may seem low in NFL QB terms, Mahomes’ earnings for the entirety of 2023 are much higher. He was paid a $22.4 million roster bonus and got a $20.574 million signing bonus. That means a total earnings of more than $40 million in 2023.
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However, that is not reflected in Mahomes’ 2023 cap number. The $20.574 million signing bonus prorates over the next five years at $4.115 million per year. That leaves Mahomes’ cap number at $37.134 million for the 2023 season. That is made up as follows:
- Base salary: $1.326 million
- Roster bonus: $22.4 million
- Prorated signing bonuses: $6.115 million
- Workout bonus: $550,000
- Previous prorated restructure bonus: $6.743 million
How Much Will Mahomes Earn in 2024, 2025, and 2026?
The current contract has Mahomes set to earn $44.5 million in cash in 2024, $50 million in cash in 2025, and $56.75 million in cash in 2026. Those cash numbers are made up of base salary and roster bonuses. However, there is every chance we see the Chiefs move that money around for salary cap purposes, which could alter those final numbers.