Patrick Mahomes, Chiefs agree to record-shattering contract extension

In its most recent valuations of the 32 NFL teams, Forbes estimated the the Kansas City Chiefs’ value at $6.2 billion.

Quarterback Patrick Mahomes accounts for creating plenty of that value — and soon his bank account will be rewarded accordingly.

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Mahomes, 30, is set to sign a new contract that will extend his contract by two years, according to ESPN’s Adam Schefter. The new contract will be worth a total of $504.75 million — a record, and the first half-billion dollar contract in football history.

Since the Chiefs tabbed him with their first-round pick in the 2017 NFL Draft, Mahomes has been the catalyst for the most successful run of success in franchise history.

In seven seasons as the Chiefs’ starting quarterback, they have made five Super Bowl appearances, winning three. The 2025 season was the first in which Kansas City did not reach the playoffs with Mahomes.

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That hardly deterred GM Brett Veach from making Mahomes the highest-paid quarterback — or the highest-paid player at any position — in NFL history.

More to come on this story.