Sources: Chiefs' Patrick Mahomes to make over $500M in reworked deal - ESPN

The Chiefs are adding two years to Patrick Mahomes' contract in a reworked contract that ties him to Kansas City through 2033 at a value of $504.75 million, sources told ESPN, a value that makes it the first NFL deal valued at over half a billion dollars.

Equity Sports CEO Chris Cabott and Chiefs general manager Brett Veach and his staff put the finishing touches on the landmark agreement Wednesday.

The new money on the deal is worth $239.05 million, with the total value now at $504.75 million from 2026 through 2033, with the first four years being guaranteed at signing. All $504.75 million becomes guaranteed through contract mechanisms.

Mahomes can make up to $522.25 million through incentives and escalators. Beginning in 2027, when the new money begins, the deal averages $64 million per year, setting an NFL record for average annual value.

This is the third time in six years the Chiefs and Mahomes have reset the quarterback market. All three of those contracts were led by Cabott and Veach.

The Chiefs, led by Clark Hunt and the Hunt family, have now committed $689.05 million in new money to Mahomes from 2022 to 2033, in hopes of extending one of the great dynasties in NFL history.

«Over the last decade Patrick has become one of the most iconic, beloved sports figures of all time,» said Clark Hunt, the Chiefs' chair and CEO. «He has helped lead our franchise to five Super Bowl appearances and three championships; he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage; and on top of it all he has been an outstanding role model in the community. Patrick is a generational talent and an elite human being, and I'm so excited he will continue to lead our team into the future.»

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