Report: Patrick Mahomes, Chiefs agree to first NFL deal worth over $500M

Patrick Mahomes is making a little more history.

According to a joint report from ESPN and NFL Network, Mahomes has agreed to a reworked deal that will keep him under contract with the Chiefs through 2033.

Notably, the deal is worth $504.75 million, which is the first contract in NFL history valued at over a half-billion dollars.

“Over the last decade Patrick has become one of the most iconic, beloved sports figures of all-time,” Chiefs owner Clark Hunt said, via ESPN/NFL Network. “He has helped lead our franchise to five Super Bowl appearances and three championships, he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage, and on top of it all he has been an outstanding role model in the community. Patrick is a generational talent and an elite human being, and I’m so excited he will continue to lead our team into the future.”

The report notes the new money is worth $239.05 million. The total value of the contract is $504.75 million from 2026 through 2033, with the first four years being guaranteed at signing.

The contract is worth up to $522.25 million with different incentives and contract escalators.

With his new money beginning in 2027, Mahomes’ deal averages an NFL record $64 million per year.

Mahomes, a three-time Super Bowl champion and two-time MVP, suffered a torn ACL last December. But he is on the mend, progressing to 7-on-7 drills during Kansas City’s offseason program. He said recently that his goal is to be on the field for Week 1.

He’s now in a position to start for the Chiefs for even more years to come.