Patrick Mahomes agrees to extension through 2031
 

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Neither Patrick Mahomes nor the Chiefs showed any sign of worry about the prospect of coming together on a contract extension that will keep him in Kansas City for the long term and there won’t be any need to worry about another deal for quite some time.

Adam Schefter of ESPN reports that Mahomes and the Chiefs have agreed to an extension that runs through the 2031 season. Mahomes is entering the fourth year of his rookie deal and the Chiefs exercised their option on his contract for next season.

There’s no word on the financial terms of the contract at this point, but it promises to be the biggest deal for any quarterback given what Mahomes has done over his two seasons as a starter.

Among the details of those terms that will be interesting to see is if his payout is tied to a percentage of the salary cap rather than a set salary each year. If it’s not, the deal will likely need to be revisited sooner rather than later because a rising cap would almost certainly push another quarterback above Mahomes in the pecking order before too much time passes.

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Re: Patrick Mahomes agrees to extension through 2031
 

Re: Patrick Mahomes agrees to extension through 2031
 

Good for him,

Now how long will this keep the Chiefs as contenders when they start loosing the talent around him due to this contract

Re: Patrick Mahomes agrees to extension through 2031
 

If his contract is truly tied to a percentage of the cap as rumored then there should always be a stable percentage of the cap with which to keep a team around him. Then again, if there is a player who can elevate a team by his lonesome in the game today it is Mahomes, for sure.

Re: Patrick Mahomes agrees to extension through 2031
 

Good for him. Good guy. Good player.

Re: Patrick Mahomes agrees to extension through 2031
 

Yup. Class guy. Along the lines of Brees and Russell Wilson.

Re: Patrick Mahomes agrees to extension through 2031
 

Okay, it turns out only the first three years have guaranteed money susceptible to any sort of dead cap. In other words, the Chiefs can release him prior to the 3rd day of the league year anytime after the first three years and have nothing on the books. However, if they retain him he receives huge roster bonuses on top of a minimal base salary. Since there are no guarantees it can be easily renegotiated annually as needed. It is basically a series of one year contracts after the first three years.

Contract breakdown for Chiefs QB Patrick Mahomes' extension

Re: Patrick Mahomes agrees to extension through 2031
 

Year	Base Salary	Signing Bonus	Roster Bonus	Workout Bonus	Cap Hit	Dead Cap
2020	$825,000	$4,521,508	–	–	$5,346,508	$64,953,413
2021	$990,000	$2,000,000	$21,716,905	$100,000	$24,806,905	$59,606,905
2022	$1,500,000	$2,000,000	$27,400,000	$550,000	$31,450,000	$34,900,000
2023	$5,500,000	$2,000,000	$34,400,000	$550,000	$42,450,000	$4,000,000
2024	$2,500,000	$2,000,000	$34,900,000	$550,000	$39,950,000	$2,000,000
2025	$2,500,000	–	$38,900,000	$550,000	$41,950,000	–
2026	$2,500,000	–	$38,900,000	$550,000	$41,950,000	–
2027	$10,000,000	–	$49,400,000	$550,000	$59,950,000	–
2028	$13,000,000	–	$30,900,000	$550,000	$44,450,000	–
2029	$20,500,000	–	$23,900,000	$550,000	$44,950,000	–
2030	$27,000,000	–	$22,900,000	$550,000	$50,450,000	–
2031	$38,000,000	–	$13,900,000	$550,000	$52,450,000	–

Trigger Date	Total Amount Guaranteed
3rd day 2021 LY	$103,531,905
3rd day 2022 LY	$141,481,905
3rd day 2023 LY	$180,381,905
3rd day 2024 LY	$183,431,905
3rd day 2025 LY	$222,331,905
3rd day 2026 LY	$274,781,905
3rd day 2027 LY	$329,781,905
3rd day 2028 LY	$374,731,905
3rd day 2029 LY	$424,631,905
3rd day 2030 LY	$439,081,905
3rd day 2031 LY	$477,631,905

Re: Patrick Mahomes agrees to extension through 2031
 

Congratulations! you got paid.