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It seemed a little, shall we say, anomalous over the past few years to see NFL quarterbacks who had never won or even played in a Super Bowl surpass Patrick Mahomes as the league’s highest-paid quarterback.
That will change from and including 2027.
On Wednesday, Mahomes upended the entire quarterback pack by agreeing to a new contract with a two-year extension worth $504.75 million and tying him to the Kansas City Chiefs through the 2033 season. ESPN was the first to report the news.
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Kansas City Chiefs quarterback Patrick Mahomes walks off the field after an NFL game against the Las Vegas Raiders in Kansas City, Mo., on Oct. 19, 2025. (Reed Hoffman/AP)
The deal has yet to be signed, but has been in the works for weeks between Mahomes’ representatives at Equity Sports and Chiefs general manager Brett Veach and his team.
The extension means Mahomes now has a contract from 2026 to 2033 worth over half a billion dollars over eight seasons. It represents the first NFL contract to top half a billion dollars.
Mahomes can climb as high as $522.25 million if he meets incentives.
And this: When $239.05 million in new money kicks in in 2027, Mahomes will average a reported $64 million per season.
Kansas City Chiefs quarterback Patrick Mahomes takes off his helmet after defeating the Buffalo Bills during the AFC Championship game at GEHA Field at Arrowhead Stadium in Kansas City, Mo., on Jan. 26, 2025. (Mark J. Rebilas/Imagn Images)
That beats the $60 million a year on an annual average basis Dallas Cowboys quarterback Dak Prescott gets as the NFL’s current highest-paid quarterback.
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And that certainly blows the $45 million a year Mahomes has averaged since signing his current contract in 2020.
At the time, Mahomes signed a 10-year contract worth $450 million. That made him the highest paid quarterback in the NFL.
But in subsequent years, players including Lamar Jackson, Justin Herbert, Brock Purdy, Tua Tagovailoa, Jared Goff, Trevor Lawrence, Josh Allen, Jordan Love and Prescott signed deals worth more on an annual average basis.
And you know how many Super Bowl championships all the higher paid QBs boast?
Zero.
Kansas City Chiefs quarterback Patrick Mahomes is interviewed by Netflix reporter Stacey Dales after a win against the Pittsburgh Steelers at Acrisure Stadium in Pittsburgh, Pennsylvania on December 25, 2024. (Barry Reeger-Imagn Photos)
Mahomes has helped the Chiefs reach five Super Bowls. And they have won three.
That alone suggests Mahomes was underpaid while averaging $45 million per season. season. That’s debatable, of course, because Mahomes hasn’t exactly posted career stats in recent years.
His annual passing yards have declined each of the last three seasons since posting a career-high 5,250 passing yards in 2022.
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But the stats are affected by the talent level around him. The Chiefs have had offensive line issues and the wide receivers have been erratic and often inconsistent in recent years.
The important thing is whether the Chiefs believe Mahomes is worthy of a raise. They have answered that question.
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