Patrick Mahomes Made an Erroneous Error With His Record-Breaking Contract
It was a long time coming, but star quarterback Patrick Mahomes inked a record-breaking extension with the Kansas City Chiefs. Mahomes has reset the market at his position and the entire league with his contract that can be worth north of $500 million. There have been plenty of reactions to the move that has helped change the league’s landscape for the next set of quarterbacks looking to hammer out their extensions with their respective teams. However, there was one massive mistake that Mahomes made in his deal.
Patrick Mahomes inks massive deal with Chiefs
Since the Kansas City Chiefs capture the win in Super Bowl 54 over the San Francisco 49ers, the talk has been around Patrick Mahomes’ long-term future with the franchise.
Mahomes expressed his desire to remain with the Chiefs through the duration of his NFL career, which set the landscape for a lucrative long-term extension. The reigning Super Bowl MVP has helped that come to fruition last week as he agreed to a 10-year extension worth up to $503 million.
It’s a contract that will pay him an average of $45 million a season and can reach more than half a million dollars if he hits his incentives. The move has been wildly celebrated as it’s viewed with the unanimous scope of him deserving every penny behind his stellar play. That said, there is one area that he may have made a colossal mistake.
Patrick Mahomes’ mistake with his extension
It’s hard to look down upon a deal that could land Patrick Mahomes more than $500 million over the next decade-plus.
That is the richest contract in all North American sports history, but one area draws some eyebrows. As the contract details steadily made their way out, one stood out above the rest: Guaranteed Money. Mahomes many different aspects of his contract in place, but it’s the figure he has that is guaranteed in his deal that perks up as he only has $63 million of the entire contract.
That includes the part of his signing bonus, his base salary for the next three seasons along with his 2021 and 2022 roster bonuses. Beyond that, what it means is that his contract will be a year-to-year basis beginning in 2023. Beyond there being no urgency to get the deal done now, as he still has two years left on his rookie contract, it’s a figure that is well below what he should have guaranteed.
That means that the Chiefs will have full control of his deal from that point forward. If he was looking to get long-term security, Mahomes got it here, but he’s locked into what he signed for throughout the contract.
Patrick Mahomes’ bright future ahead
There are plenty of ways to dissect the contract that Patrick Mahomes has agreed to with the Chiefs, but it’s one that at the very least gets him paid in a significant way and keeps him with the franchise for a long time.
Mahomes doesn’t have to worry about his contract situation for quite some time and focus on his craft. The 24-year-old has already launched forward an incredible start to his career with a regular-season MVP award, Super Bowl MVP honors, and a Super Bowl win all within his first three seasons.
What that should spell out is an extremely bright future ahead for him with Kansas City. He has the chance to continue to vie for many more Super Bowls while potentially making his team the next dynasty in the NFL, effectively taking the place of the New England Patriots. His future is in his hands to put forth what could be one of the greatest careers in league history.