Patrick Mahomes contract: Chiefs QB says ‘legacy and winning rings’ matter more than money ‘at this moment’


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. 

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).

Player AAV Team
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

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