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 them to their 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 its 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 existing deal — $2.8 million this year, $24.8 million in 2021. The 10-year extension puts him under contract with the Chiefs for the next 12 seasons.
With a payout of $477.6 million over the next 12 seasons, Mahomes will have the largest contract in American professional sports. Mike Trout had previously held that distinction when he signed a 12-year, $426.5 million contract with the Los Angeles Angels in March 2019. Trout’s contract is fully guaranteed, however.
General manager Brett Veach said this deal has been a priority for quite a while and thanked Mahomes’ agents, Chris Cabott and Leigh Steinberg.
“His abilities are so rare, and to couple that with an incredible personality is outstanding,” Veach said of Mahomes. “We’re going to continue to do everything we can to surround him with talent, and this deal provides us more flexibility to do that. He’s obviously an integral part to our success and we’re thrilled he’s going to be the quarterback of the Kansas City Chiefs for a long time.”
Mahomes becomes the fourth quarterback since 2011 to receive an extension before the start of his fourth season, joining Ryan Tannehill (Miami Dolphins in 2015), Carson Wentz (Philadelphia Eagles in 2019) and Jared Goff (Los Angeles Rams in 2019).
The Chiefs had said they intended to sign their franchise quarterback to an extension but had previously indicated it might not happen until after this season.
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