Here’s how Patrick Mahomes’ new contract might go down
The Kansas City Chiefs are likely to give Patrick Mahomes a record-setting extension this offseason, but the framework will be kept in mind.
INDIANAPOLIS — Patrick Mahomes is going to earn generational wealth with his looming contract extension. He also wants to win more Super Bowls.
Oftentimes, the two can be mutually exclusive. However, according to Leigh Steinberg, who represents Mahomes as part of Steinberg Sports and Entertainment, they don’t necessarily have to be in this case.
While the 24-year-old Super Bowl champion and former NFL MVP will certainly seek fair value for the phenomenal start to his career, there’s also a roster to consider.
And his legacy.
Spoke with Patrick Mahomes’ agent, Leigh Steinberg, this morning.
— Matt Verderame (@MattVerderame) February 27, 2020
I joked about extension being easiest of his career. Steinberg made point of getting Mahomes what he deserves while ensuring Chiefs can maintain a good roster.
“Quarterback greatness is judged by Super Bowls.”
It makes sense for Mahomes and his camp to consider envisioning his next contract through this prism.
Kansas City can both pay the former Texas Tech star an obscene amount but use contract structure to soften the blow if that’s amenable to both parties.
Ultimately, Mahomes and his representation will rightfully consider all facets. After winning a championship and being favored to win another in 2020, the two-time Pro Bowler may believe the best way to maximize his bank account is through a fistful of titles, resulting in more high-profile opportunities off the field while still cashing in on it. Whether that’s the case remains to be seen.
Going into the offseason, Mahomes has one year remaining on his rookie deal, paying out $5.2 million. This spring, the Chiefs will certainly exercise his fifth-year option. In theory, Kansas City controls Mahomes’ rights for at least four more years (including two tags), but making him play out the deal is bad business.
For starters, it likely wouldn’t sit well with Mahomes. Additionally, the salary cap is expected to balloon over the next decade under the proposed 10-year Collective Bargaining Agreement, perhaps reaching $400 million by its conclusion. Paying now is far better than paying later.
When the two sides sit down and get serious, the numbers will be large. The question is how large, and how are they structured throughout the deal?
The answer will be in the details.