The $503 million contract is the richest in sports history and marked the first time ever that an NFL player became the world’s highest-paid athlete. With the extension in places, Mahomes is under contract with the Chiefs through the 2031 season.
The deal includes $477 million in guarantee mechanisms, NFL Network reported, citing league sources. Mahomes can opt out of the contract at multiple points if the guarantee mechanisms aren’t met.
The Chiefs star has an additional $25 million tied to performance-based incentives. Starting in 2022, he can earn $1.25 million for every Super Bowl appearance and $1.25 million for every MVP award, ESPN reported.
In addition, the contract includes a no-trade clause.
Mahomes had two years remaining on his existing contract with the Chiefs. The 10-year deal takes effect in 2022. He will be 36 when his contract expires.
Long-term contracts are a rarity in football, where players contend with the constant risk of injury or replacement due to poor performance. Mahomes is just the sixth NFL player to sign a contract of 10 or more years in length since 2000, according to NFL.com.
Mahomes has thrown 76 touchdowns against just 18 interceptions since becoming the Chiefs’ starting quarterback prior to the 2018 season. He earned NFL Most Valuable Player after a 2018 campaign in which he threw for 5,097 yards and 50 touchdowns.
Last season, Mahomes battled through injuries to lead the Chiefs to a victory in Super Bowl LIV against the San Francisco 49ers. He was named Super Bowl MVP.
"I've said before that I hope Patrick is here for his entire career and that’s going to be our goal," Chiefs owner Clark Hunt said prior to Super Bowl LIV.
This story has been updated.