Patrick Mahomes’s New Extension With Chiefs Makes Him NFL’s First Half-Billion-Dollar Player

Patrick Mahomes is getting paid. Again.

As he heads into his 10th NFL season, the 30-year-old has agreed to a new extension with the Chiefs, tying him to the franchise for an additional two seasons—through 2033—with a total contract value of $504.75 million. Mahomes's new deal, which was first reported by ESPN's Adam Schefter and Ian Rapoport, is the first in NFL history to surpass a half-billion dollars.

Record deal: The Chiefs are adding two years to Patrick Mahomes’ contract, tying him to Kansas City through the 2033 season at a value of $504.75 million, making it the first NFL deal valued at over a half-billion dollars, per @RapSheet and me.

Equity Sports CEO Chris Cabott,… pic.twitter.com/7zTpxPFrLT
— Adam Schefter (@AdamSchefter) June 10, 2026

As Schefter outlined on X (formerly Twitter), the new money on Mahomes’ re-worked deal is worth $239.05 million—with the updated total value of $504.75 million becoming guaranteed through contract mechanisms. Additionally, the first four seasons are fully guaranteed at signing, and Mahomes can earn up to $522.25 million through both incentives and escalators.

When the new money kicks in starting in 2027, Mahomes will earn an average-per-year (APY) of $64 million—a new NFL record.

Mahomes’s start to his NFL career has arguably been the best the league has ever seen. Over his first nine seasons, the Texas Tech product has won two NFL MVP awards, an Offensive Player of the Year award, has been named a first-team All-Pro twice, a second-team All-Pro once has been elected to six Pro Bowls. Mahomes has also led the NFL passing touchdowns twice, passing yards once and overall has completed 66.2% of his passes for 35,939 yards, 267 touchdowns, a passer rating of 100.8 and has also scored 19 rushing touchdowns.

Oh yeah, and he’s also led the Chiefs to three Super Bowl championships while winning MVP in all three of those games.

Needless to say, the money is well earned.

Patrick Mahomes contract history

After being selected with the No. 10 pick in the 2017 draft, Mahomes signed a pre-slotted, four-year, $16.4 million contract. He then quickly burst onto the scene and thanks for the aforementioned success, signed a 10-year, $450 million extension in 2020—one of the largest in professional sports history.

His new deal puts him much more in line with where the current quarterback is headed, all while assuring the Chiefs have their franchise quarterback locked up for years to come.

Mahomes’s 2025 campaign was cut short last December due to a season-ending knee injury he suffered in a Week 15 loss against the Chargers. After undergoing successful surgery on a torn ACL and LCL the following day, he's been rehabbing ever since and has said that he “want[s] to be ready for Week 1.”

Kansas City will host the Broncos on Sept. 14, kicking off the season on Monday Night Football and putting Mahomes just one day shy of the typical nine-month ACL recovery. We’ll see if the new half-billion-dollar man will return under the bright lights of Arrowhead Stadium.

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