League sources told ESPN’s Adam Schefter that the deal is worth $450 million over the 10-year period and could be worth up to $503 million. The extension includes a $140 million injury guarantee, as well as a no-trade clause.
It also includes the ability for Mahomes to have outs if certain “guaranteed mechanisms” aren’t exercised, a source told Schefter.
“Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports,” Chiefs chairman Clark Hunt said in a statement about the quarterback who led the team to its first championship in 50 years.
“With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform. 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.”
Mahomes tweeted about the deal following the announcement Monday.
Here to stay. . .! ⏰⏰ pic.twitter.com/mfwMga3Kl0
— Patrick Mahomes II (@PatrickMahomes) July 6, 2020
The Chiefs picked up Mahomes’ fifth-year option for the 2021 season in April, putting him under contract for the next two seasons. Mahomes had two years and $27.6 million left on his deal — $2.8 million this year and $24.8 million in 2021. The 10-year extension puts him under contract with the Chiefs for the next 12 seasons.
Mahomes will receive $83 million-plus in signing bonuses from 2021 to ’23 ($21.7 million in ’21, $27.4 million in ’22, $34 million-plus in ’23). Those first three years are fully guaranteed, sources told ESPN’s Jeremy Fowler.
The Chiefs added $25 million in incentives over 10 years for Mahomes. Starting in 2022 and for 10 years running, Mahomes will have a $1.25 million incentive for winning the AFC Championship Game and a $1.25 million incentive for winning NFL MVP, a source told Schefter.
With his landmark payout over the next 12 seasons, Mahomes will have the richest valued contract in American professional sports. Mike Trout held that distinction after he signed a 12-year, $426.5 million contract with the Los Angeles Angels in March 2019. Trout’s contract is fully guaranteed, however.
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