Mahomes extension – Patrick Mahomes’ Kansas City Chiefs contract extension is set to reach $504.75 million, with record-setting average annual value starting in 2027. The deal keeps him under contract through the 2033 season and includes $239.05 million in new money, with multipl
Patrick Mahomes didn’t just add another year to a contract. With a two-year extension on the table and the ink still fresh, the Kansas City Chiefs made him the centerpiece of another NFL record—one built for the next stretch of the franchise’s most successful era.
The Chiefs signed Mahomes to a two-year extension that gives his total contract value of $504.75 million, according to multiple reports. The figure pushes him past the half-billion-dollar mark for the first time in NFL history. and it sets a new standard for quarterback pay at the top of the market. The new money in the extension begins in the 2027 season, when his average annual value is set to reach $64 million.
Mahomes’ agreement will carry an average annual value of $64 million starting in the 2027 NFL season—surpassing the previous record average annual value of $60 million held by Dallas Cowboys quarterback Dak Prescott. Mahomes, 30, is now tied to the Chiefs through the 2033 season, which would also make it his age-38 campaign.
The deal also arrives with big, bankable numbers. The extension includes $239.05 million in new money. and the first four years of Mahomes’ new-look contract are fully guaranteed. per ESPN’s Adam Schefter. The contract’s base value totals $504.5 million. and the entirety of that base-value figure can become guaranteed through “contract mechanisms.” On top of that. Mahomes can earn up to $522.25 million through incentives and escalators.
After Mahomes officially inked the extension, Chiefs executive Brett Veach put the moment in franchise terms. “This is a huge day for the Chiefs, Patrick, and really all of Chiefs Kingdom,” Veach said. “This is a landmark deal for a once-in-a-lifetime player.”
He pointed to both performance and influence. “Patrick has grown into one of the most prolific quarterbacks to ever play the game. and to add to that. he’s changed the culture of our building and has led us in the most successful era in our franchise’s history. ” Veach added. “Beyond the game, he’s an incredible person who puts his team and winning above everything else.”.
Veach also framed the contract as a bridge into what comes next. “For Patrick, we know he’s more motivated than ever to get back out there and lead us,” Veach said. “I’m happy for him and his family, and excited for our future together.”
Mahomes’ path to today’s record is not his first headline-making deal with Kansas City. In 2020, he became the highest-paid player in NFL history when he signed a 10-year, $450 million contract extension with the Chiefs.
Over time, Mahomes has also agreed to restructures that gave Kansas City additional cap space. That included a February 2026 maneuver that converted $44.05 million in base salary and a $10.4 million roster bonus into a signing bonus, creating $43.56 million in cap space.
The contract details now reported for Mahomes’ latest agreement add up to a clear timeline. The term is 8 years, running from 2026 to 2033. The total contract value is $504.5 million, with a maximum contract value of $522.25 million. The new money portion is $239.05 million, and the average annual value climbs to $64 million beginning in 2027.
This latest contract continues to feed a leaguewide reality: quarterback pay sets the pace. Most of the NFL’s highest-paid players are quarterbacks. and the extension Mahomes reached with the Chiefs today places him at the top of average annual value ahead of Prescott. who is listed at $60 million. The new contract also secures Mahomes’ position near the top by total contract value.
Based on a list compiled by Over the Cap. the highest-paid quarterbacks by AAV include: Patrick Mahomes at $64 million (to begin in 2027). Dak Prescott at $60 million. and then tied players at $55 million—Matthew Stafford. Josh Allen. Joe Burrow. Trevor Lawrence. and Jordan Love. Additional quarterbacks listed include Jared Goff at $53 million. Brock Purdy at $53 million. Justin Herbert at $52.5 million. Lamar Jackson at $52 million. Jalen Hurts at $51 million. Deshaun Watson at $46 million. Daniel Jones at $44 million. and Sam Darnold at $33.5 million.
By total contract value in the same list, Mahomes is at $504.5 million, with Josh Allen at $330 million. The list shows Joe Burrow at $275 million tied with Trevor Lawrence. Brock Purdy at $265 million. Justin Herbert at $262.5 million. and Lamar Jackson at $260 million. It also lists Jalen Hurts at $255 million. Dak Prescott at $240 million. Deshaun Watson at $230 million. Jordan Love at $220 million. Jared Goff at $212 million. Sam Darnold at $100.5 million. and Daniel Jones at $88 million.
Mahomes’ own financial milestone grows with the contract. He has made just over $232 million in career earnings through the 2025 NFL season, which ranks 16th in NFL history, according to Spotrac.com. He is projected to move up to No. 3 all-time by 2030, behind only Matthew Stafford and Josh Allen.
For Kansas City, the message is straightforward: the franchise is paying for continuity at the position it leans on most. For the rest of the league. the number is just as clear—starting in 2027. $64 million will be the new ceiling for quarterback average annual value. with Mahomes now holding the record at every step that follows.
Patrick Mahomes Kansas City Chiefs NFL contract extension $504.75 million average annual value $64 million Dak Prescott record Brett Veach NFL quarterback salaries 2027 contract cap space
504.75 million?? man that’s basically a whole Super Bowl every year.
So he’s getting $64 million starting in 2027… but didn’t Dak already have the record? Idk how people keep track of these numbers lol. Also the Chiefs are doing all this and still somehow win by like 3 points.
Wait is this saying Mahomes got a 2-year extension but somehow through 2033? Like are they counting years wrong or what? I saw somewhere it was like $239 million in new money and I thought that was the total contract. Either way it’s wild they guarantee the first four years, makes the cap math feel fake.
That’s insane. I saw “half-billion” and just knew Dak must be mad or something but then it says Mahomes passed him. I don’t even watch that much football but I swear every extension is the biggest ever until the next one. Chiefs really said nope, not done paying him. Also incentives up to $522 million sounds like they’ll just pay him for existing.