Winning the Super Bowl isn’t easy, and neither is becoming Super Bowl MVP. When you do this, you gain a lot of leverage in upcoming contract negotiations — especially if you’re a 24-year-old quarterback. This is Patrick Mahomes’ current situation. He just earned MVP honors as he led the Chiefs to a comeback victory over the 49ers in Super Bowl LIV.
Don’t expect to see Mahomes playing for any team other than the Chiefs anytime soon. He is still under team control, and he said he wants to be a Chief for his whole career.
Patrick Mahomes’ contract status
Mahomes is still under team control as part of his rookie contract with the Chiefs. The upcoming 2020 season will be his fifth under the contract. The team can pick up Mahomes’ fifth-year option for 2021 if the sides don’t agree to a contract extension before then.
Mahomes’ initial four-year deal was valued at just under $16.5 million, including a signing bonus of nearly $10.1 million. For 2020, his base salary is set at $735,000 — a huge bargain for the Chiefs considering his stats and Kansas City’s first Super Bowl title in 50 years.
This is the advantage teams have when they still have a star quarterback playing under his rookie contract. Once Mahomes agrees to a new contract with the team, though, they will have to pay up.
Both sides want Mahomes to stay in Kansas City
While the Chiefs still have Mahomes under team control for two more seasons — with a 2021 salary of about $25 million if the team picks up the fifth-year option — the 2018 league MVP is now eligible for a contract extension since he has been in the league for three seasons.
Both the team and Mahomes want him to stick with the team beyond 2021. During Super Bowl week, Chiefs owner Clark Hunt said he hopes “Patrick is here for his entire career and that’s going to be our goal. But there will be a right time, sometime in the next 12-15 months to extend Patrick and when I say right time, I mean right time for both, the player and the club.”
Clark said it won’t necessarily be this offseason, but extending Mahomes’ contract is a “priority” for the team. One thing the Chiefs may wait for is a new collective bargaining agreement, with the current one ending after the 2020 season.
What is Mahomes’ value to the Chiefs?
People around the NFL think Mahomes could become the first NFL player to get a contract worth $40 million annually and a total value of $200 million or more. The question is whether Mahomes is worth that money.
The last major quarterback contract came last year when QB Russell Wilson signed a new four-year, $140 million deal with the Seahawks — a record-setting average annual value of $35 million — and $107 million in guaranteed money. Mahomes will certainly exceed that contract. If you’re using the Wilson contract as a base, the Chiefs QB is worth it.
This was Wilson’s first season under the contract extension, and he turned 31 in November. Mahomes will turn 25 early in the upcoming season, meaning he’s just entering the prime of his career. And that six-year age difference between him and Wilson means that Mahomes is worth at least $5 million per year more than Wilson.
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