Patrick Mahomes’ contract comments bode well for the Chiefs

When Kansas City Chiefs quarterback Patrick Mahomes signed his historic 10-year, $450 million contract in 2020, the $45 million average annual salary appeared to be a significant figure. Four years later, it seems like a bargain.

Since last offseason, eight quarterbacks have signed new deals with a higher average annual value than Mahomes. Cincinnati Bengals quarterback Joe Burrow became the highest-paid player in NFL history when he signed a five-year, $275 million contract last offseason.

Although Burrow's figure wasn't toppled this offseason, quarterbacks with fewer accolades were able to match it. Jacksonville Jaguars quarterback Trevor Lawrence and Green Bay Packers quarterback Jordan Love, who have both only had one successful season, both received new deals that tied Burrow's average annual value of $55 million.

While Mahomes hoisted the previous two Lombardi Trophies, those eight quarterbacks have a combined losing record in the postseason.

Patrick Mahomes is following the Tom Brady model with his contract

Mahomes discussed the rising quarterback contracts during an interview with USA Today Sports on Sunday. While the Chiefs quarterback is happy for his contemporaries, he's happy with his own personal standing.

“It’s awesome for the game of football,” Mahomes said. “It’s awesome for the quarterback position, but I think all positions. I know every time a contract comes up, everybody looks at my [average annual salary] and everything like that. I’m doing pretty well myself. For me, it’s just about going out there trying to win football games, trying to make money for my family at the end of the day. I feel like I’m doing a great job of that.”

As the quarterback market has skyrocketed, Mahomes has fallen to No. 12 on the annual salary leaderboard.

Mahomes' average annual figure is a bit misleading due to the unique structure of his contract. The remaining years on the contract drag down the average annual value, but Mahomes is set to earn $52.6 million per year through the 2026 season after restructuring the deal with Kansas City last season.

"I think [the Chiefs] do a great job of managing my money, to be able to pay me a lot of money and keep a good team around me," Mahomes said. "I know we've kind of restructured it a couple of times and got the cash flow up in certain spots and certain years. It's about having a good dialogue, good communication with the front office, with ownership. We've done that here. And as we've been able to allow me to be a highly paid guy while at the same time build a great team around me."

The 28-year-old Chiefs quarterback has followed in the footsteps of legendary quarterback Tom Brady, who often took a team-friendly approach to his contract.

Mahomes' contract is set up to allow the Chiefs to revisit the deal each offseason and restructure it as they see fit. The decade-long duration of the deal has allowed the Chiefs to adjust the deal by moving numbers around between the years. If Mahomes becomes underpaid, or if the Chiefs need some salary cap relief, the two sides can work together for an adjustment that is mutually beneficial.

"It's about having that plan, that constant communication," Mahomes said. "And we have that here. I'm happy to see guys going out and getting as much money as possible. That's awesome for the sport. But here we have a great communication system where I feel like we've done the best with what we can do."

Other quarterbacks aren't afforded that luxury with their teams. Since none of them have enjoyed the same success as Mahomes, neither the team nor the quarterback would be comfortable with a deal that is structured similar to Kansas City's deal with Mahomes.

The new quarterback contracts won't affect the salary cap immediately, but teams will have to plan for future salary cap ramifications accordingly.

Mahomes’ contract allows the Chiefs to extend key players or sign depth pieces that ultimately help their chances of winning. The additional salary cap flexibility provided by his contract could be the difference between retaining a player like defensive tackle Chris Jones, who made crucial plays to help bring a Lombardi Trophy to Kansas City last season.