Patrick Mahomes leaps past Dak Prescott as NFL's highest-paid QB with record Chiefs extension worth $504.75M

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It seemed a bit, let's say, irregular over the past few years to see NFL quarterbacks who had never won or even played in a Super Bowl surpass Patrick Mahomes as the league's highest-paid quarterback.

That's changing starting in 2027.

On Wednesday, Mahomes vaulted over the entire quarterback pack in agreeing to a new contract with a two-year extension that is worth $504.75 million and ties him to the Kansas City Chiefs through the 2033 season. ESPN was first to report the news.

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Kansas City Chiefs quarterback Patrick Mahomes walks off the field after an NFL game against the Las Vegas Raiders in Kansas City, Mo., on Oct. 19, 2025. (Reed Hoffmann/AP)

The deal is not yet signed but has been in the works for weeks between Mahomes' representatives at Equity Sports and Chiefs general manager Brett Veach and his team.

The extension means Mahomes now has a contract from 2026 to 2033 worth over half a billion dollars over eight seasons. That represents the first NFL contract to climb over the half-billion-dollar mark.

Mahomes can climb as high as $522.25 million if he meets incentives.

And this: When $239.05 million in new money kicks in starting in 2027, Mahomes will be averaging a reported $64 million per season.

Kansas City Chiefs quarterback Patrick Mahomes takes off his helmet after defeating the Buffalo Bills during the AFC Championship game at GEHA Field at Arrowhead Stadium in Kansas City, Mo., on Jan. 26, 2025. (Mark J. Rebilas/Imagn Images)

That