Patrick Mahomes’ contract extension rocked the football world in 2020. The Chiefs shattered NFL records by handing their franchise quarterback a 10-year, $450 million deal months after his first Super Bowl win, easily making him the highest-paid player in league history.
While the $450 million figure still stands alone, Mahomes has since been surpassed by six different quarterbacks in terms of average annual value. That number is expected to rise once Joe Burrow and Justin Herbert agree to long-term extensions.
MORE: What to know about Joe Burrow’s possible extension
The two-time MVP would likely be justified in asking for more money, but he poured cold water on the idea during a media session Wednesday during Chiefs OTAs.
“I worry about legacy and winning rings more than making money at this moment,” Mahomes told reporters.
“I’ve made enough money where I’ll be set for the rest of my life,” he added.
#Chiefs QB Patrick Mahomes was asked about his contract and how so many other QBs have passed him:
“I worry about legacy and winning rings more than money at this moment.”
“I’ve made enough money where I’ll be set for the rest of my life.”
— Ari Meirov (@MySportsUpdate) May 24, 2023
At the same time, Mahomes kept the door open for a reworked deal, for one reason.
“You just want to do whatever to not hurt other quarterbacks whenever their contracts come up. You want to kind of keep the bar pushing,” he said.
MORE: Breaking down Mahomes’ contract guarantees
Mahomes pushed the bar higher in 2020 when he signed a contract with a $45 million annual salary. The bar was recently lifted to $52 million by Lamar Jackson. Before Jackson signed his long-awaited deal, Jalen Hurts broke Aaron Rodgers’ record and signed for $51 million annually.
While Mahomes certainly could land a new deal as the salary cap continues to increase, the priority, for now, appears to be adding talent and retaining players to chase a third Super Bowl ring.
Patrick Mahomes salary
Mahomes makes an average of $45 million per year on his 10-year, $450 million contract; however, the deal is structured so that his cap hit varies by year.
Mahomes is set to make $40.5 million in 2023 and count $39.7 million against the salary cap for the Chiefs. His cap hit is in line to increase in both 2024 and 2025.
The contract also included incentives (Super Bowl wins, NFL MVP awards) that could have pushed the total amount of the contract to $502.6 million.
MORE: Dates & times for Chiefs’ full 2023 schedule
Patrick Mahomes net worth
Celebrity Net Worth estimates Mahomes’ net worth as $70 million.
Along with being one of the highest-paid players in football, Mahomes’ huge platform and influence allows him to make plenty of money off the field. Between his current contract that started two seasons ago and all of his endorsement deals, that number will almost certainly skyrocket in the coming years.
Highest-paid NFL quarterbacks
Here’s a look at the eight highest-paid quarterbacks in terms of average annual value (AAV).
|Lamar Jackson||$52 million||Ravens|
|Jalen Hurts||$51 million||Eagles|
|Aaron Rodgers||$50.3 million||Jets|
|Russell Wilson||$48.5 million||Broncos|
|Kyler Murray||$46.1 million||Cardinals|
|Deshaun Watson||$46 million||Browns|
|Patrick Mahomes||$45 million||Chiefs|
|Josh Allen||$43 million||Bills|