Patrick Mahomes agrees to record-breaking $503 million, 10-year extension with Chiefs

Patrick Mahomes is primed to be a Kansas City Chief for the next decade.

Mahomes agreed to a 10-year extension with the Chiefs, sources confirmed to Yahoo Sports. ESPN’s Adam Schefter first reported on the deal. The Chiefs announced the extension on Monday afternoon.

Mahomes’ agency, Steinberg Sports, tweeted that the deal is worth $503 million, including $477 million in guarantee mechanisms.

Mahomes is off to one of the best starts in NFL history for quarterbacks, winning the 2018 MVP and winning Super Bowl MVP in the 2019 season while leading the team to its first title in 50 years.

The length of the deal gives the Chiefs an opportunity to spread out what should be a significant salary-cap hit over multiple years. It is easily the longest extension in the league, topping the eight-year, $98.6 million deal left tackle Tyron Smith signed with the Dallas Cowboys in 2014.

Kansas City Chiefs quarterback Patrick Mahomes holds the Vince Lombardi Trophy after winning Super Bowl LIV against the San Francisco 49ers, 31-20, at Hard Rock Stadium in Miami Gardens, Fla., on Sunday, Feb. 2, 2020. The Chiefs won, 31-20. (Charles Trainor Jr./Miami Herald/Tribune News Service via Getty Images)

The Chiefs made a bold move in the 2017 draft, jumping up from the No. 27 overall selection to No. 10, where they landed Mahomes, who was regarded as a talented but raw prospect out of Texas Tech. He was a backup behind Alex Smith throughout his rookie season before getting the full-time starting job in 2018 after the Chiefs made yet another bold move in a trade of the veteran Smith to Washington.

The bold draft day plan three years ago has paid off in astonishing success as the Chiefs made it to the AFC title game in the 2018 season and the Super Bowl last season.

Mahomes is entering the fourth year of his original rookie contract. In late April, the team exercised his fifth-year option through 2021. Per Schefter, the extension will kick in after the 2021 season, meaning Mahomes is primed to be under contract with the Chiefs through his age 36 season.

Mahomes tweeted out a video commemorating the historic contract:

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