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May 16, 2023

Patrick Mahomes Contract Exceeds Half a Billion Dollars

patrick mahomes contract

Patrick Mahomes made headlines when he signed a record-setting contract extension with the Kansas City Chiefs in 2020, earning himself millions in salary alone. But no one anticipated that his deal would span 10 years and total over half a billion dollars!

Mahomes became the first professional athlete to sign a contract worth more than $500 million, yet his estate remains quite large despite this milestone achievement. According to Celebrity Net Worth, Mahomes currently reportedly holds an estimated net worth of $40 million and will make approximately $45 Million over 10 years as part of his agreement with the Chiefs.

Although this figure seems exorbitantly high, it should also be remembered that most of Mahomes' contract will only become guaranteed after 2031. His roster bonus and workout bonus will become guaranteed on March 3 of each league year (2023-2025); salary guarantees become assured on that same date in 2025-2031 etc.

This may appear risky on the Chiefs' part, but there are several compelling arguments for it. First, taking advantage of the fact that many elite quarterbacks tend to hit their peak until their late 30s or even 40s can pay dividends. Second, creating championship-caliber teams while Mahomes remains at his prime and lastly it should prevent other teams outbidding them for his services.