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The Kansas City Chiefs are expected to restructure quarterback Patrick Mahomes’ contract to provide ceiling relief, sources told ESPN’s Adam Schefter.
The team is expected to convert Mahomes’ $ 21.7 million bonus into a signing bonus in the coming days, which would save Chiefs $ 17 million against the salary cap, sources said.
In July, the two sides reached an agreement on a 10-year contract extension that ties Mahomes to Kansas City during the 2031 season.
League sources then told Schefter that the deal was worth $ 450 million over a 10-year period and could be worth as much as $ 503 million. The extension includes a $ 140 million damage warranty, as well as a no-trade clause.
The Chiefs chose Mahomes’ fifth-year option for the 2021 season in April, putting him under contract for the next two seasons. Mahomes had two years and $ 27.6 million left on his contract – $ 2.8 million in 2020 and $ 24.8 million in 2021. The 10-year extension puts him under contract with the Chiefs for the next 12 seasons.
Mahomes, 25, won a League MVP and a Super Bowl MVP, and he’s led the Chiefs to the championship game in each of the past two seasons with a win over the San Francisco 49ers and a loss to the last season against Tampa Bay. Buccaneers.
Kansas City is hoping Mahomes will recover from toe surgery in February to compete in the team’s June minicamp. He is expected to be ready to go by the start of training camp later this summer.
ESPN’s Adam Teicher contributed to this report.
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