On Monday, July 6th, the Kansas City Chiefs’ star quarterback Patrick Mahomes signed a record breaking ten year extension. Patrick Mahomes was the NFL MVP in the 2018-2019 season. He led his team to a Super Bowl last season, while also winning Super Bowl MVP. Of course, the star quarterback is only 24 years old and is expected to be the face of the Chiefs franchise for the next 20 years.
Mahomes’ contract extension includes an altercation to his rookie deal. His previous contract had 2 years and 27.6 million remaining, while his new deal grants him 2.1 million this year as well as 24.8 million in 2021. And clearly, he signed an additional 10 year extension, which is expected to grant him over 400 million dollars through 2031. This contract is also expected to include a percentage of future cap.
While Mahomes seems to have secured his bag for the long term, he may not have received what he is worth. In the past 5 years, the QB Market has expanded exponentially. Quarterbacks are continuously receiving record breaking deals, most recently with Russell Wilson in April of 2019. Mahomes’ contract was signed for ten years, which means his money may not match with the expansion of the QB market.
While Mahomes contract is expected to include a percentage of future cap, this may not be proportionate to the rise of QB salaries in the NFL. Quarterbacks that are not nearly as good as Mahomes could be receiving a similar amount as him in 2027-2031. There is no way to predict where the market will be in 7 years.
On top of that, Mahomes will be stuck with the Chiefs for 11 years. Though he is happy there now, the Super Bowl MVP may want out in 5 years. This could put him in a tough situation, as the Chiefs would have complete control over him till 2031.
Although his new contract will yet again break the record for highest paid quarterback, its longevity adds a certain amount of risk. Even though it makes him the highest paid athlete of all time, it may not be as smart as it seems.
Photo: Kansas City Star