Patrick Mahomes has agreed to a new contract with the Kansas City Chiefs that runs through 2033 and replaces a prior deal due to expire after the 2031 season, including a $54.5 million signing bonus and a total value of $504.75 million.
Patrick Mahomes’ next contract is already built to keep pace with the market long after the Chiefs finish reshaping it again. This time, the agreement runs through 2033—and it replaces a prior deal that was set to expire after the 2031 season.
At signing. the figures can look like simple business math. but the structure tells a clearer story about how both sides want certainty to line up with Mahomes’ leverage. It’s widely viewed as a replacement deal rather than an extension that would fit the usual “new money” analysis. because that traditional approach would point to an APY of nearly $120 million per year.
The Chiefs and Mahomes effectively swap one contract for another, with the old deal going away and a new one taking its place.
The payment begins with a $54.5 million signing bonus.
From there, guaranteed bonuses and salaries are laid out year by year:
In 2026, Mahomes is set for a $1 million workout bonus that is fully guaranteed only if earned, alongside a $1.3 million base salary that is fully guaranteed.
In 2027, the offseason roster bonus is $30 million, fully guaranteed. The workout bonus returns at $1 million, fully guaranteed only if earned, while the base salary jumps to $27 million, fully guaranteed.
In 2028, the offseason roster bonus is $30 million, and the workout bonus is $1 million. The base salary is $29 million. The entire 2028 compensation package is guaranteed for injury. with $35.25 million fully guaranteed at signing and the remaining $24.75 million becoming fully guaranteed in early 2027.
In 2029, the offseason roster bonus is $30 million, with a $1 million workout bonus and a $31.5 million base salary.
That year’s structure keeps the guarantees moving: the entire 2029 compensation package is guaranteed for injury; $30 million becomes fully guaranteed in early 2028, and the remaining $32.5 million becomes fully guaranteed in early 2029.
For 2030, Mahomes is due a $30 million offseason roster bonus and a $1 million workout bonus. The base salary is $32.75 million, with no portion of the 2030 compensation package guaranteed at signing. In 2029, $30 million becomes fully guaranteed, and in 2030, the remaining $33.75 million becomes fully guaranteed.
In 2031, the offseason roster bonus is $30 million, the workout bonus is $1 million, and the base salary is $34.75 million. Again, none of the 2031 compensation package is guaranteed at signing. In 2030, $30 million becomes fully guaranteed, and in 2031, the remaining $35.75 million becomes fully guaranteed.
In 2032, Mahomes gets a $30 million offseason roster bonus, a $1 million workout bonus, and a $31 million base salary. None of the 2032 compensation package is guaranteed at signing. In 2031, $30 million becomes fully guaranteed, and in 2032, the remaining $38 million becomes fully guaranteed.
In 2033, the offseason roster bonus is $30 million, the workout bonus is $1 million, and the base salary is $39 million. None of the 2033 compensation package is guaranteed at signing, but the full $70 million becomes fully guaranteed in 2033.
Alongside the guarantees, the contract includes annual escalators of $2.5 million, from 2027 through 2033.
The headline number is massive: it’s an eight-year, $504.75 million deal with an annual average at signing of $63.093 million. Of that total, $150 million is fully guaranteed at signing, and $237.25 million is covered by injury guarantees.
The payout schedule climbs steadily—less a cliff than a ladder. Mahomes is set to receive $56.75 million in 2026, $58 million in 2027, $60 million in 2028, $62.5 million in 2029, $63.75 million in 2030, $65.75 million in 2031, $68 million in 2032, and $70 million in 2033.
The deal isn’t heavily backloaded, but it does rise systematically from $56.75 million to $70 million. By 2033, $70 million “may be a bargain,” relative to the market and the salary cap.
And even with a contract that stretches to 2033, the Chiefs’ planning already points to what comes next. Chances are that. long before 2033. the deal will be redone. with the Chiefs having reconfigured the prior deal on multiple occasions to ensure Mahomes’ cash flow stays competitive with the market.
Patrick Mahomes Kansas City Chiefs NFL contract guaranteed money signing bonus 2033 deal salary cap workout bonus roster bonus
So basically they just keep him forever? 😐
That $54.5 million signing bonus is insane. I don’t even know what a workout bonus is but if it’s guaranteed then yeah sign me up for that job lol. Chiefs really said “certainty” like it’s a product.
I feel like this is just an extension pretending to be a replacement? Like they’re swapping numbers but it’s the same thing. Also $120 million APY sounds made up, APY is for savings accounts not football contracts.
Mahomes through 2033 after the 2031 expiration… so what, they’re just pushing the date out so it doesn’t count against the cap later? I saw somewhere that his leverage is why it’s “replacement” instead of extension, but honestly it’s still a bunch of random bonuses tied to injuries and “guaranteed if earned.” Who even understands the math, the article lost me at the percentages.