Patrick Mahomes’ Contract Is the Best Bargain in the NFL

When Patrick Mahomes’ contract was restructured last September, Kansas City Chiefs chairman Clark Hunt said: “No matter what he makes over his career, one way or another, he'll be underpaid.”

Ten months later, that sentiment rings especially true. Since Mahomes signed his historic 10-year, $450 million contract in 2020, the Chiefs are an NFL-best 51–16, and they’ve won the Super Bowl in back-to-back seasons.

Despite Kansas City’s success, Mahomes is tied for the 10th-highest average annual salary in the NFL after Tua Tagovailoa inked a four-year, $212.4 million extension Friday .

Joe Burrow, Trevor Lawrence, Jared Goff, Justin Herbert, Lamar Jackson, Jalen Hurts, Kyler Murray, Deshaun Watson and now Tagovailoa all make more per year than the game’s best quarterback. Kirk Cousins is tied with Mahomes at $45 million.

Jordan Love, who is holding out for a hefty contract , is almost guaranteed to come in ahead of Mahomes in average annual value. Dak Prescott is also up for a new deal that will be top of market and surely slot in ahead of Mahomes.

The only player in the aforementioned group who has beaten Mahomes in the playoffs is Burrow, whose $55 million in average annual value is tied with Lawrence for the highest in the NFL. Mahomes bested Tagovailoa and Jackson on his latest Super Bowl run and took down Lawrence, Burrow and Hurts en route to his second Lombardi Trophy the year before.

Mahomes has 15 playoff wins, four Super Bowl appearances and three rings. That entire group of signal callers, who make as much or more than Mahomes, have combined for 17 playoff wins, three Super Bowl appearances and zero rings.

All of their deals have been signed over the last three years as the salary cap ballooned from just over $198 million when Mahomes committed to the Chiefs for a decade to over $255 million in 2024. The length of Mahomes' deal gave Kansas City financial flexibility, which the team has utilized to keep a contender in place around its franchise quarterback.

The Chiefs restructured Mahomes’ deal in March to create cap room. His contract was also amended in 2023, which set him up to earn $208.1 million between 2023 and 2026, the most ever in a four-year span. It’s already been reported that the team intends to revisit Mahomes’ contract again after the 2026 season.

The final year Mahomes is under contract with Kansas City is 2031. By that point, he’ll be just shy of half a billion dollars in career earnings entering his age-37 season. And as Hunt said, Mahomes will still be underpaid.

Related: Where Does Tua Tagovailoa Rank Among NFL's Highest-Paid QBs?

Related: Tua Tagovailoa's New Contract Pays Him More Per Year Than Dan Marino's Entire Career Earnings

Related: Historical Precedent for a Jordan Love Extension: Aaron Rodgers Serves As Shining Example