Chiefs Reportedly Restructuring Contract of Patrick Mahomes

Fri, Mar 12, 2021
By Jim Vassallo (Veri.bet Writer)

In more quarterback news out of the NFL, the Kansas City Chiefs are reportedly working to restructure the contract of Patrick Mahomes in an effort to save $17 million in cap space.

Mahomes catapulted the Chiefs to the pinnacle of the NFL a season ago when he led Kansas City to a Super Bowl victory over the San Francisco 49ers. The Chiefs lost their title defense bid in this year’s Super Bowl to the Tampa Bay Buccaneers.

The Chiefs will convert Mahomes’ roster bonus to a signing bonus. The roster bonus is worth $21.7 million. Doing so helps the Chiefs save $17 million against the cap.

Mahomes and the Chiefs agreed to a 10-year contract extension over the summer that keeps Mahomes in Kansas City through the 2031 season.

When the contract was signed, it was reportedly worth $450 million with the possibility of it reaching $503 million. The contract included an injury guarantee of $140 million as well as a no-trade clause.

Only 25, Mahomes has already won an NFL MVP award and a Super Bowl MVP award. Aside from leading the Chiefs to the past two Super Bowls, he has led them to the past three AFC Championship games.

Mahomes required toe surgery in February and the team is hopeful he will be able to participate in some level at their June minicamp. The Chiefs believe Mahomes will be ready to completely participate in training camp, which begins in late summer.

Mahomes had his fifth-year option for the 2021 season activated by the Chiefs, which puts him under contract for the 2021 and 2022 seasons. The 10-year extension goes on top of those two years and is good for a term of 12 years.

Mahomes has been nothing short of electric since joining the league as the 10th pick of the first round in the 2017 NFL Draft. He threw for 4,740 yards, 38 touchdowns, and just six interceptions in the 2020 season.

For his career, Mahomes has thrown for 14,152 yards, 114 touchdowns, and just 24 interceptions. In each of his first three seasons as a starter, he has led the Chiefs to the AFC title game.

Are you preparing for the NFL season? If so, it’s safe to put your money on the Chiefs as repeat AFC West Division champions. It might even be a stronger bet that the Chiefs will once again reach the AFC title game and the Super Bowl for a fourth and third straight year, respectively.

Mahomes struggled during Super Bowl LV against the Buccaneers, playing with that injured toe. He completed 26 out of 49 pass attempts for 270 yards and no scores. He also threw two interceptions. The Chiefs’ nine points in the game came on three field goals by kicker Harrison Butker.

With Mahomes restructuring his roster bonus as a signing bonus, the $21.7 million will not count against the salary cap, allowing the Chiefs to use the $17 million in savings in other areas of need on the roster.