Patrick Mahomes’ contract is now seen as a ‘bargain’ as NFL QBs receive big paydays

The Chiefs sent shock waves through the sports world in July 2020 when they gave quarterback Patrick Mahomes a contract extension that could be worth a half-billion dollars.

Much has changed in three years, as Forbes’ Jeff Fedotin noted.

“All of the sudden,” Fedotin wrote, “the mammoth contract of Kansas City Chiefs quarterback Patrick Mahomes doesn’t seem so exorbitant.”

That extension could pay Mahomes as much as $503 million through the 2031 season, an eye-popping number. But his average pay per season is $45 million, which now is not even among the top five among NFL players.

James Palmer of the NFL Network shared the highest average salaries after the Eagles announced they had agreed with quarterback Jalen Hurts on a five-year, $255 million contract extension.

Mahomes might drop off that list as the Ravens’ Lamar Jackson, Chargers’ Justin Herbert and Bengals’ Joe Burrow soon (should) get new contracts.

Heck, after the Giants gave quarterback Daniel Jones a four-year, $160 million contract, ESPN’s Dan Orlovsky noted how close that was to Mahomes’ salary.

“Seven months ago, Daniel Jones went into this season with 50 touchdowns and 49 turnovers and now we’re talking about paying him like $300,000 a month less than Patrick Mahomes? That is mind-boggling to me,” Orlovsky said last month.

At that time, NFL broadcaster Kay Adams tweeted: “Mahomes deal sure is lookin’ better & smarter by the day honestly.”

Fedotin, the Forbes writer, noted how Mahomes’ contract helps the Chiefs.

“To his credit, Mahomes could’ve signed a shorter deal, forcing the Chiefs to re-sign him at a higher rate, but the long-term deal not only gave him financial security, but it also allowed the Chiefs flexibility because they could spread his money out — backload it, frontload it, convert it into bonuses — when needed,” he wrote.

‘One crazy thing’

After the Hurts’ contract was announced, Chiefs coach Andy Reid was asked about how Mahomes’ average salary was not among the top five in the NFL.

“One crazy thing in this business ... and really in every business — right when you sign a big deal, somebody’s going to beat you,” Reid said. “You can start chasing that and kind of forget about your job at hand but Pat’s got a great feel for all that stuff and the main thing he wanted to do, which my hat just goes off to him, is he wanted to do a deal that was team-friendly so that ... if you lose a left tackle you could go out and sign another one and have that flexibility there. So, you know, I think he’s got a great feel on all that.”

While Mahomes’ deal expires after the 2031 season, some believe he could receive a new contract before then.

USA Today’s Nate Davis mentioned a possible new deal when he called Mahomes one of the “winners” of Hurts’ new contract with the Eagles.

“No indication he’s itching to rework his own historic arrangement, one that could be worth a half-billion dollars if the Kansas City Chiefs star played out the contract’s 10-year duration. Don’t expect that to happen as the cap hits climb – including one scheduled for more than $62 million in 2027,” Davis wrote. “Eventually, Mahomes, the guy who beat out Hurts for league and Super Bowl MVP last season, will renegotiate. And, if he plays his cards right, deals like Hurts’ will only help push his average annual earnings into the stratosphere. Don’t rule out $75 million a year by the time Mahomes re-ups.”