Patrick Mahomes Big Contract Extension: Will it changes sports forever?
Patrick Mahomes contract, which he signed a 10 year, $477 million dollar extension with incentives that can potentially make him $503 million. This is sports history with lots of numbers involved so we break them down into details, how it plays out for the chiefs, and ultimately, did it change sports contracts forever?
If you are questioning why Patrick Mahomes got that big deal? Here is how his first 31 games have gone thus far.
☑️ 76 Pass TD (most ever)
☑️ 9,412 Pass Yards (most ever)
☑️ 108.9 QB rating (highest ever)
☑️ 24 wins (tied for most ever)
☑️ Super Bowl Champion
☑️ Super Bowl MVP
Patrick Mahomes contract details
In total, Mahomes could earn up to $502.631 million over the next 12 years if he hits all of his incentives. The base value of his contract, including the next two seasons before his extension kicks in, is $477.631 million for an average of $39.8 million per year. Starting in 2022, Mahomes will make an average of $45 million per year.
Below is the amount of cash Mahomes will earn in each of the next 12 years, because we all know the cold hard cash is what matters. The total cash each year is made up of Mahomes’ base salary, roster bonus and workout bonus, not including signing bonus pay and incentives.
|Year||Total cash||Base salary||Roster bonus||Workout bonus|
|2021||$22.807 million||$990,000||$21.717 million||$100,000|
|2022||$29.45 million||$1.5 million||$27.4 million||$550,000|
|2023||$40.45 million||$5.5 million||$34.4 million||$550,000|
|2024||$37.95 million||$2.5 million||$34.9 million||$550,000|
|2025||$41.95 million||$2.5 million||$38.9 million||$550,000|
|2026||$41.95 million||$2.5 million||$38.9 million||$550,000|
|2027||$59.95 million||$10 million||$49.4 million||$550,000|
|2028||$44.45 million||$13 million||$30.9 million||$550,000|
|2029||$44.95 million||$20.5 million||$23.9 million||$550,000|
|2030||$50.45 million||$27 million||$22.9 million||$550,000|
|2031||$52.45 million||$38 million||$13.9 million||$550,000|
At least until the late years of Patrick Mahomes contract, most of his money will be paid in the form of roster bonuses that will become fully guaranteed a year or two ahead of time.
Mahomes’ incentives are simple. Each year starting in 2022, he can earn $1.25 million if the Chiefs reach the Super Bowl and an additional $1.25 million if he is named NFL MVP for a maximum of $2.5 million per year in incentives.
Which means in order for Mahomes to the full $502.631 million his 10-year contract extension offers, he needs to lead Kansas City to the Super Bowl as the league MVP in every season for a full decade.
The Chiefs did not need to complete this extension when Mahomes had two seasons left on his rookie contract, but their doing so in 2020 maximizes the amount of years they can tie themselves to a quarterback who needed just a few seasons to take over the league.
Barring something unforeseen, Kansas City is now set at the game’s most important position for more than a decade at a reasonable price.
You will also learn
- Mike Trout’s impact on this contract
- Dak Prescott and his contract negotiations
- Antonietta Collins‘ #MiGente podcast – Ever since our first ever interview episode which Antonietta has appeared on, we have cultivated a good friendship and now I am proud to support her venture into #MiGente video podcast with her close friend Griselda Ramirez.
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