The deal will be worth an NFL-record $477 million and includes $63 million fully guaranteed at signing, per The MMQB's Albert Breer.
Mahomes' injury guarantee is $141 million, with roster bonuses due each March, per Breer.
Many expected Mahomes and the Chiefs to reach a long-term extension after the team exercised his fifth-year option on April 30. Under his 2021 option, Mahomes's rookie contract expanded to $41 million over five years. Since he had two years remaining on his current deal, the extension makes it a new 12-year contract in total, Schefter reports.
It's no surprise the Chiefs would want to lock in Mahomes long-term after he led their fourth-quarter comeback to win Super Bowl LIV in February. For two years, Mahomes has been the centerpiece of the team's offensive explosion. He's produced highlight reels full of no-look passes and darts to streaking wide receivers downfield. During 2018–his first full season as a starter–Mahomes threw 50 touchdown passes and was named NFL MVP.
Mahomes briefly battled a dislocated right kneecap last season but only missed two games with the injury. He finished 2019 throwing for 4,031 yards, 26 touchdowns and five interceptions and earned his second Pro Bowl nod. The Chiefs drafted him with the No. 10 overall pick in 2017 out of Texas Tech.
Here's a look at the players with the highest 2020 salaries—based on average annual value—according to Spotrac.
1. Russell Wilson (QB, Seahawks): $35 million
2. Ben Roethlisberger (QB, Steelers): $34 million
T-3. Jared Goff (QB, Rams): $33.5 million
T-3. Aaron Rodgers (QB, Packers): $33.5 million
5. Kirk Cousins (QB, Vikings): $33 million