Chiefs lock in Patrick Mahomes through 2033 with a $504.75M reworked deal, AP source says

KANSAS CITY, Mo. (AP) — The Chiefs and quarterback Patrick Mahomes have agreed to a restructured contract that adds two years to his deal and pushes the total compensation past a half-billion dollars, a person familiar with the terms told The Associated Press on Wednesday.

The person spoke to the AP on condition of anonymity because the Chiefs do not disclose financial terms of their contracts.

Mahomes signed a 10-year, $450 million contract in 2020 that set a benchmark not only for the quarterback position but for any football player. The latest extension ties the two-time MVP to the Chiefs through the 2033 season, when Mahomes will be 38, and it comes in at $504.75 million, with incentives and escalators that could push the value beyond $520 million.

The Chiefs and Mahomes regularly rework his contract in the offseason, giving the team the financial flexibility to surround him with enough talent to compete for championships. The latest deal, though, includes a hefty pay increase after recent deals done for other quarterbacks — among them Dak Prescott, Jordan Love, Joe Burrow and Josh Allen — had reset the QB market.