Patrick Mahomes has done it again.
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According to ESPN's Adam Schefter and Ian Rapoport, the Chiefs quarterback has agreed to a reworked contract that will keep him tied to Kansas City through the 2033 season and is valued at $504.75 million.
The deal marks the first NFL contract worth more than half a billion dollars.
Per ESPN, the revised agreement adds two years to Mahomes' existing contract and includes $239.05 million in new money. The first four years are fully guaranteed at signing, while the rest of the deal contains mechanisms that eventually guarantee the full amount.
The contract can reportedly grow to as much as $522.25 million through incentives and escalators.
Beginning in 2027, Mahomes is expected to average $64 million per season, setting a new NFL record for annual value.
"This is the third time in six years" that Mahomes and the Chiefs have effectively reset the quarterback market, Schefter and Rapoport noted.
Kansas City coach Andy Reid praised the star quarterback while discussing the agreement.
"He's done a great job as a professional, and then off the field as a father and husband," Reid said. "You get the whole package there. He's a great representative of the organization — and a heck of a player."
Chiefs chairman and CEO Clark Hunt was equally enthusiastic.
"Patrick is a generational talent and an elite human being," Hunt said in comments published by ESPN. "I'm so excited he will continue to lead our team into the future."
The new contract comes as Mahomes continues recovering from the torn ACL and LCL he suffered in December. Despite the injury, the Chiefs have repeatedly expressed optimism that he will be ready for the start of the 2026 season.
