How Patrick Mahomes, Chiefs made half-billion-dollar history with new contract extension

Even coming off a disappointing 2025 season, the Chiefs are bringing Patrick Mahomes up to the top of the quarterback market.

Six years after he originally signed a historic $450 million extension with Kansas City, Mahomes is having two more years tacked onto his contract, Adam Schefter reported Wednesday.

With Mahomes now set to remain in Kansas City on a reworked deal that pushes the total contract value north of $500 million.

Here's what to know about Mahomes' reworked extension with the Chiefs and the history it makes.

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Patrick Mahomes contract details

In 2020, Mahomes originally inked the biggest contract in NFL history at 10 years and $450 million. Now, five seasons later, the deal is being reworked and extended to reach a total value of $504.75 million, per Schefter. It becomes the first NFL contract to ever reach $500 million.

Mahomes' reworked contract also now keeps him with the Chiefs through the 2033 season, his age-38 campaign.

Per Schefter, the new money alone in the Mahomes extension is worth $239.05 million, with the first four years being guaranteed at signing and all $504.75 million becoming guaranteed through contract mechanisms. Including escalators and incentives, the Chiefs star can make up to $522.25 million.

The new deal also sets an NFL record for AAV once the new money kicks in in 2027 — Mahomes will be earning an average of $64 million per year. 

"Over the last decade Patrick has become one of the most iconic, beloved sports figures of all-time," Chiefs chairman and CEO Clark Hunt said in a statement, per ESPN. "He has helped lead our franchise to five Super Bowl appearances and three championships; he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage, and on top of it all he has been an outstanding role model in the community. Patrick is a generational talent and an elite human being, and I'm so excited he will continue to lead our team into the future."

Patrick Mahomes career earnings

Through the upcoming 2026 season, Mahomes has earned $232,004,472 in NFL contracts already, per Spotrac.

With him now set to make an average of $64 million per year starting in 2027, that number will only skyrocket as he ages into his late 30s.

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Biggest NFL contracts in history

In terms of total value, Mahomes' 2020 extension with the Chiefs already set a record at $450 million. He has now one-upped himself with the reworked deal at $504.75 million, the new NFL record. Additionally, Mahomes' soon-to-be AAV of $64 million per year will set an NFL record, surpassing Dak Prescott's $60 million.

Here's a look at the largest NFL contracts ever by total value, all signed in the last three years: