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Patrick Mahomes agrees to extension through 2031

this is a discussion within the NFL Community Forum; Getty Images 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 ...

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Old 07-06-2020, 03:06 PM   #1
 
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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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Old 07-07-2020, 07:38 AM   #2
 
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Re: Patrick Mahomes agrees to extension through 2031

Patrick Mahomes deal has $477 million in “guarantee mechanisms”
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Old 07-07-2020, 09:16 AM   #3
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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
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Old 07-07-2020, 01:35 PM   #4
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Re: Patrick Mahomes agrees to extension through 2031

Originally Posted by RaginCajun83 View Post
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
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.
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Old 07-07-2020, 05:05 PM   #5
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Re: Patrick Mahomes agrees to extension through 2031

Good for him. Good guy. Good player.
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Old 07-07-2020, 08:08 PM   #6
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Re: Patrick Mahomes agrees to extension through 2031

Originally Posted by OldMaid View Post
Good for him. Good guy. Good player.
Yup. Class guy. Along the lines of Brees and Russell Wilson.
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Old 07-08-2020, 11:39 AM   #7
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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

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Old 07-08-2020, 11:49 AM   #8
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Re: Patrick Mahomes agrees to extension through 2031

YearBase SalarySigning BonusRoster BonusWorkout BonusCap HitDead 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 DateTotal 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

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Old 07-10-2020, 07:45 AM   #9
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Re: Patrick Mahomes agrees to extension through 2031

Congratulations! you got paid.
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