A timeline of Monday’s momentous announcement of a 10-year contract agreement between the Kansas City Chiefs and quarterback Patrick Mahomes that’s worth up to $503 million — making Mahomes the first half billion dollar player in sports history.
6:30 PM:
A yearly breakdown of the cash flow on Mahomes’ new contract:
Here's a breakdown of the cash flow on Patrick Mahomes' new contract with the #Chiefs. It'll take more than one tweet to fully explain, but the bonuses have varying vesting dates that paint a fuller picture of how the deal works. pic.twitter.com/LepwqYMT0K
— Tom Pelissero (@TomPelissero) July 6, 2020
6:05 PM:
Tom Pelissero & Mike Garafolo provide additional details regarding the structure of Mahomes’ deal, noting that it leaves the #Chiefs with a lot of short-term flexibility.
Mahomes gets "only" a $10 million signing bonus, then has huge roster bonuses on rolling guaranteed basis in future years, including a whopping $49.4M bonus due in 2026. Virtually the entire deal is conditionally guaranteed. Leaves #Chiefs with a lot of short-term flexibility. https://t.co/AbB8fC2lXn
— Tom Pelissero (@TomPelissero) July 6, 2020
6:02 PM:
Ian Rapoport explains what the guarantee mechanism in Mahomes’ contract is:
What’s the guarantee mechanism? Basically, the team guarantees Patrick Mahomes' salary a year out. And if they don’t pick up each guarantee, they have to cut him (to avoid picking up the future guarantee). https://t.co/dSzKmS7wbM
— Ian Rapoport (@RapSheet) July 6, 2020
5:58 PM:
Adam Schefter breaks down the incentives included in Mahomes’ contract, which come out to $25 million over 10 years.
Starting in 2022, and for 10 years running, Patrick Mahomes has a $1.25 million incentive for winning AFC Championship game and a $1.25 million incentive for winning NFL MVP, per source. That’s $25M of incentives over 10 years, taking value of his deal from $477M to $503M.
— Adam Schefter (@AdamSchefter) July 6, 2020
5:06 PM:
Compensation update: Ian Rapoport & Tom Pelissero report Mahomes’ 10-year extension is worth $503 million with $477 million in guarantee mechanisms.
The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause
— Ian Rapoport (@RapSheet) July 6, 2020
4:40 PM:
The Chiefs and Mahomes make their official announcements on social media:
We have signed QB Patrick Mahomes to a 10 year extension. Mahomes secured with Chiefs for the next 12 seasons. pic.twitter.com/ZsADdVkvxZ
— Kansas City Chiefs (@Chiefs) July 6, 2020
Here to stay. . .! ⏰⏰ pic.twitter.com/mfwMga3Kl0
— Patrick Mahomes II (@PatrickMahomes) July 6, 2020
4:01 PM:
The numbers are in:
Compensation update: Patrick Mahomes’ 10-year extension is worth $450 million, sources tell ESPN.
The injury guarantee is $140 million, per source.
The contract does not contain language that ties its value to a percentage of the salary cap.
Richest deal in sports’ history.
— Adam Schefter (@AdamSchefter) July 6, 2020
3:40 PM:
Beyond that, Mahomes is also now signed to a contract that is five seasons longer than any other player in the NFL.
Looking at the extension length alone, Patrick Mahomes is now signed to a contract that is five seasons longer than any other player in the NFL. pic.twitter.com/LXKoLtEoGE
— Adam Schefter (@AdamSchefter) July 6, 2020
3:07 PM:
A little more than an hour after breaking the news, Schefter provided more contract details — reporting that the extension is worth over $400 million in total. This number makes Mahomes’ contract the new largest contract ever in North American sports history — surpassing Major League Baseball star Mike Trout’s at $426.5 million.
Patrick Mahomes had two years and $27.6 million left on his existing deal — $2.8M this year, $24.8M in 2021.
His 10-year extension is worth over $400M, though it's still uncertain how much over.
So the lowest his 12 year-deal could be worth is $427.6 million. But will be more.
— Adam Schefter (@AdamSchefter) July 6, 2020
1:54 PM:
The Kansas City Chiefs’ biggest item on their offseason to-do list is reportedly done, as both the Chiefs and quarterback Patrick Mahomes have come to an agreement on a 10-year contract extension, per ESPN’s Adam Schefter.
Chiefs and QB Patrick Mahomes have reached agreement on a 10-year — 10-year! — contract extension that ties him to Kansas City through the 2031 season, league sources tell ESPN.
— Adam Schefter (@AdamSchefter) July 6, 2020