Another rumored deal is that the Chiefs will also extend Tyrann Mathieu with a new contract, which will likely give them even more space to work in. Mahomes signed a 10-year, $450 million extension last summer, and the size of the deal means that this might not be the last time the Chiefs approach Mahomes’ deal for a restructure in order to create cap space. Patrick Mahomes. Kansas City is in the thick of those efforts as they have freed up significant salary-cap space this month. The terms of the deal, as listed on Spotrac, are very lucrative. K.C. KANSAS CITY, Mo. The fifth-year option that Kansas City picked up will see Mahomes paid just shy of $1 million base salary in 2021 ($990,000). The dynamic young QB has already earned himself a Super Bowl ring under the terms of his rookie contract, making him an absolute bargain for the Chiefs. Chiefs are going to be creating quite a bit more salary cap space with the reported restructuring of star quarterback Patrick Mahomesâ deal ⦠Watson’s contract is again good for second with an AAV of $39 million, followed by QB Russell Wilson of the Seattle Seahawks, whose four-year, $140 million deal carries an AAV of $35 million. AFC West 2021 offseason needs: Raiders, Broncos, Chargers look to close the gap on Patrick Mahomes, Chiefs Kansas City will face stiffer competition in its ⦠(Photo by Jamie Squire/Getty Images). Getty He initially played college football and college baseball at Texas Tech University.Following his sophomore year, he quit baseball to focus solely on football. According to Spotrac, Mahomes is earning an extremely modest $825,000 base salary for the 2020 season. Chiefs are expected to convert Mahomes’ $21.7 million roster bonus to a signing bonus in the coming days, which would save KC $17 million against the cap, per league sources. A post shared by Patrick Mahomes II (@patrickmahomes). Powered by. After the Chiefs drafted him 10th overall in the first round of the 2017 NFL Draft, Mahomes, 25, signed a four-year deal worth $16.4 million, according to Spotrac. Tom Brady isn’t the only QB providing cap relief to his team; Patrick Mahomes is expected to do the same. “The only comparable deal in terms of length among active NFL players is left tackle Tyron Smith’s eight-year contract (2016-2023) with the Cowboys for roughly a quarter of the money. Houston Texans QB Deshaun Watson is the owner of the second-richest contract, a four-year deal worth $156 million. The Chiefs already have announced the release of two expensive veterans in left tackle Eric Fisher and right tackle Mitchell Schwartz on Thursday. He’ll also receive a prorated $2 million signing bonus, but the big money comes in the form of a $21.7 million roster bonus, giving him a cap hit of $24.8 million next season. Patrick Mahomes pushed hard for Trent Williams to join Chiefs; 49ers' salary cap at $13.05 million Kirby Lee-USA TODAY Sports Patrick Mahomes pushed hard for Trent Williams to ⦠Last summer, Mahomes made history with a 10-year “half-billion’ dollar deal that will keep him in KC for the next decade. After Smith, 14 active NFL players are on six-year contracts,” Sporting News reports. According to Spotrac, Mahomes is earning an extremely modest $825,000 base salary for the 2020 season. Bolstered by a $4.5 million signing bonus, his salary cap ⦠â Kansas City Chiefs quarterback Patrick Mahomes has restructured his contract to give the team salary cap flexibility. Last Friday, Patrick Mahomes reworked his contract with the Chiefs to open up $17 million in salary-cap room. Patrick Mahomes has the richest contract in the NFL, and it keeps him in Kansas City through 2031. The Chiefs are in the midst of a series of moves made in order to get under the salary cap ceiling for the new league year in 2021, and at this point, they’re likely going to have ample wiggle room beneath the cap in order to make some new roster acquisitions even as they’re jettisoning other players. Copyright © 2021 Heavy, Inc. All rights reserved. Patrick Mahomes and his Kansas City Chiefs are heading into hostile territory for Super Bowl LV, taking on the hometown Tampa Bay Buccaneers on their own field at Raymond James Stadium in Tampa, Florida. The K.C. Patrick Mahomes contract: QB restructures record deal to save Chiefs $17 million, per report ... the salary cap number ... which would save Kansas City $17 million against the cap⦠Patrick Mahomes signed a 10 year, $450,000,000 contract with the Kansas City Chiefs, including a $10,000,000 signing bonus, $141,481,905 guaranteed, and an average annual salary of $45,000,000. Mahomes' contract is designed to be front-loaded, with its annual cap hit not reaching $40 million until 2023. Chiefs are going to be creating quite a bit more salary cap space with the reported restructuring of star quarterback Patrick Mahomes‘ deal in coming days, per ESPN reporter Adam Schefter. In addition to having the highest total value, Mahomes’ new contract also has the highest average annual value (AAV) in professional football with $45 million. Patrick Lavon Mahomes II (born September 17, 1995) is an American football quarterback for the Kansas City Chiefs of the National Football League (NFL). As of press time, the Chiefs are still nearly $4.5 million in the red when it comes to the salary cap for ’21 according to Over the Cap, but that fails to include rollover cap room from the previous season as well as any further restructure here since nothing is officially. Bolstered by a $4.5 million signing bonus, his salary cap hit of $5.3 million is almost inconceivable for a 25-year-old QB who already has led his team to the Vince Lombardi Trophy, but his relative affordability is temporary. As Spotrac lays out, Mahomes’ $450 million deal sets the pace among all NFL contracts by a wide margin — nearly a factor of three. Sep 10 2019 Converted $9.545M of 2019 salary into bonus, clearing $6.36M of cap space with Kansas City (KC) Jul 30 2016 Signed a 4 year $48 million extension with Kansas City ( KC) May 2 2016 Kansas City (KC) exercised an $11.902 million 5th-year option for 2017 The Chiefs are hoping to become back-to-back champions, thwarting the locals’ hopes of being the first squad to ever win as the big game’s host team. MIAMI, FLORIDA - FEBRUARY 02: Patrick Mahomes #15 of the Kansas City Chiefs celebrates after throwing a touchdown pass against the San Francisco 49ers during the fourth quarter in Super Bowl LIV at Hard Rock Stadium on February 02, 2020 in Miami, Florida. The Chiefs quarterback is finishing up his fourth year playing as an NFL pro. Just moments after Tom Bradyâs contract was restructured in Tampa, it was announced that Kansas City Chiefs star Patrick Mahomesâ contract had been restructured as well. How Long Will Patrick Mahomes Be in Kansas City? While Mahomes’ contract accounts for a mere 2.4 percent of the Chiefs’ 2020 salary cap, that will increase to more than 13 percent the following season. ESPN later reported the franchise option was worth $24.8 million for Mahomes. According to a report from ESPN's Adam Schefter, the Chiefs and Mahomes ⦠— Adam Schefter (@AdamSchefter) March 12, 2021. Moreover, Mahomes’ contract extension with the Chiefs is one of the longest in the history of the league. Maddenâs cover man is reportedly saving the Chiefs $17 million in cap space by turning that money into a signing bonus. According to NFL.com, Kansas City picked up the fifth-year option in Mahomes’ contract in April 2020, extending his deal through the 2021 season. Patrick Mahomes Has a Bold Statement for Tom Brady & the Bucs. Kansas City will convert Mahomesâ $21.7 million roster bonus for the 2021 season into a signing bonus. Kansas City Chiefs QB Patrick Mahomes is helping the team out with their salary cap problems this offseason. Chiefs are going to be creating quite a bit more salary cap space, the release of two expensive veterans in left tackle Eric Fisher and right tackle Mitchell Schwartz, the Chiefs are still nearly $4.5 million in the red, Mahomes signed a 10-year, $450 million extension. Chiefs quarterback Patrick Mahomes raised eyebrows with a recent family picture that included a walking boot on his left foot. Rounding out the top three is Atlanta Falcons signal-caller Matt Ryan, whose contract’s terms pay him $150 million over five years. On Thursday, Mahomes posted a ⦠The K.C. READ NEXT: Patrick Mahomes Has a Bold Statement for Tom Brady & the Bucs. Pairing it with the release of veteran players will create even more space. Rumors that the Chiefs would use a restructured deal for Mahomes to clear space have floated since the offseason began, as it seemed to be a pretty obvious move for the Chiefs to use to get under the cap. “Patrick Mahomes signed a 10 year, $450,000,000 contract with the Kansas City Chiefs, including a $10,000,000 signing bonus, $141,481,905 guaranteed, and an average annual salary of $45,000,000,” the outlet reported. 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