Patrick Mahomes is now the owner of the richest contract in sports history and the first ever deal worth half of a billion dollars.
The 2018 Super Bowl MVP agreed to a mammoth 10-year, $503 million contract extension with the Kansas City Chiefs that runs through 2031, the NFL Network reported on Monday.
It surpasses the 12-year, $426.5 million deal Mike Trout signed with the Los Angeles Angels in 2019 as the most expensive contract in sports. Trout’s entire deal is guaranteed while Mahomes’ contract has $477 million in guaranteed mechanisms that offers the 24-year-old Mahomes an out if those guarantees aren’t exercised, his agents tweeted. The Chiefs later announced the two sides had come to an agreement on a contract extension.
“The best part is he’s still early in his career,” Chiefs coach Andy Reid said in a statement. “He’s a natural leader and always grinding, whether that’s on the field, in the weight room or watching film, he wants to be the best.”
After the Chiefs predictably picked up his fifth-year option in April, keeping him under contract for the next two seasons, he was owed $27.6 million — $2.8 million this year and $24.8 million in 2021 – the next two years. Now that will seem like chump change. All told, he will earn a whopping $530.6 million over the next 12 seasons.
Seattle Seahawks quarterback Russell Wilson previously owned the NFL’s richest contract with a four-year deal, $140 million deal ($107 million guaranteed).