Andy Reid, Kansas City Chiefs
Sep 8, 2013; Jacksonville, FL, USA; Kansas City Chiefs head coach Andy Reid during the game against the Jacksonville Jaguars at EverBank Field. Mandatory Credit: Rob Foldy-USA TODAY Sports

Patrick Mahomes’ deal provides Chiefs with flexibility

The Kansas City Chiefs signed Patrick Mahomes to a 10-year extension on Monday. All told, he’s now on a 12-year pact worth up to $503 million, with $477 million guaranteed.

The numbers are jarring. So is the reality Mahomes is still a bargain for Kansas City.

Diving into the numbers, Mahomes’ cap numbers are the following over the life of his current deal, per Spotrac:

 

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2020: $5.3 million
2021: $24.8 million
2022: $31.4 million
2023: $42.5 million
2024: $39.9 million
2025: $41.9 million
2026: $41.9 million
2027: $59.9 million
2028: $44.4 million
2029: $44.9 million
2030: $50.4 million
2031: $52.4 million

On a Zoom call with reporters on Tuesday, Patrick Mahomes talked about how the deal came together. Per NFL.com:

“We were able to get this contract done in the right way that not only gives me the security that I’ve always wanted, but also allows opportunities for the team to be great around me the entire duration of my entire career. And I have trust that things will get handled the right way as we go throughout this career and we will be in position to win a lot of football games and hopefully win a lot more championships as my career goes on.”

Notice the term “allows opportunities for the team to be great around me the entire duration of my entire career.”

Despite those enormous figures above, Kansas City still has $6.2 million in cap space this season, and with a projected cap of $215 million in 2021 (per Over the Cap) would enjoy $35 million in room.

 

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This leaves general manager Brett Veach with a litany of options, including potentially giving defensive tackle Chris Jones a new deal to get him off the franchise tag. The team could also begin looking at extensions for safety Tyrann Mathieu and tight end Travis Kelce, both of whom have two years remaining on their deals.

Additionally, Mahomes isn’t in line to have the highest cap hit in football until 2023. It’s a virtual guarantee that between now and then, another player supersedes his number. Realistically, the only year Mahomes may have the highest cap hit in football is 2027, when he’s due nearly $60 million. It’s also a good bet Mahomes and the Chiefs will rework the deal prior to that number becoming a reality, either with a restructure or another extension.

The ultimate takeaway from the Mahomes’ megadeal? The Chiefs locked up the greatest player in the game today at the sport’s most important position, and maintained the ability to put a championship-caliber team around him.

An incredible job by all parties involved.

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