Patrick Mahomes' record $503M contract ensures long-term stability for Chiefs, agent says
Mahomes is under contract with the Chiefs through the 2031 season.
NFL superstar Patrick Mahomes’ record-setting contract with the Kansas City Chiefs was designed to bring long-term stability to a franchise that could be on the cusp of a dynasty, his agent Leigh Steinberg told FOX Business Network on Wednesday.
Mahomes, 24, signed a 10-year contract extension worth $503 million, with $140 million guaranteed for injury and $477 million in overall guarantee mechanisms. The deal ranks as the richest in the history of professional sports by overall value.
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“Basically you have this superb player and he has, in two seasons, eclipsed any kind of natural curve. So what’s stunning is how fast his trajectory has been,” Steinberg said. “First year, he’s MVP of the whole league, second year he’s MVP of the Super Bowl. It’s a contract to give stability and to lock him in and have everyone in Kansas City focused on one thing, which is winning the Super Bowl.”
Steinberg and fellow agent Chris Cabott led negotiations on the massive contract extension. Mahomes is under contract with the Chiefs through the 2031 season when including the two years remaining on his previous deal.
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Last February, Mahomes led the Chiefs offense to 21 unanswered points in the fourth quarter of Super Bowl LIV en route to MVP honors. The victory confirmed him as one of the NFL’s rising young stars.
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Business is booming for Mahomes away from the field as well. The Chiefs quarterback has endorsement deals with Oakley, State Farm, Adidas and several other companies.
Steinberg, who has represented Mahomes since he entered the NFL as a first-round draft pick in 2017, said his client is poised to be one of the faces of the NFL in years to come.
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“He has a tremendous heart and sense of empathy for other people, a really active charitable foundation and we don’t detect any change in him and how he handles himself in victory or defeat,” Steinberg said. “You’ve got a good job done by the parents in raising a very grounded, centered young man who cares a lot about others.”
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