Patrick Mahomes recently signed a historic $503M contract but history tells us he won't finish the deal in Kansas City.
Time for a thread 👇👇
Time for a thread 👇👇
1) Patrick Mahomes signed an unprecedented 10-year, $450 million extension.
He will earn at least $477 million, and potentially over $500 million, between now and the end of the 2031 season.
He will earn at least $477 million, and potentially over $500 million, between now and the end of the 2031 season.
2) Here’s a breakdown by @TomPelissero of Patrick Mahomes' yearly cash flow. Incentives include:
- $1.25 million for winning the AFC Championship
- $1.25 million for NFL MVP honors
- $1.25 million for winning the AFC Championship
- $1.25 million for NFL MVP honors
3) As added protection, Mahomes was given rolling guarantees which essentially requires KC to guarantee his salary one year earlier than normal.
Mahomes is set to get over $63 million fully guaranteed up front, and over $100 million by next March (via @TomPelissero)
Mahomes is set to get over $63 million fully guaranteed up front, and over $100 million by next March (via @TomPelissero)
4) Here's an example of how the rolling guarantee works:
On the third day of the 2021 league year (that’s in March), Kansas City can cut Mahomes a check for $52.25 million to get out of the deal. If they go forward with it, an additional $40.45 million becomes fully guaranteed.
On the third day of the 2021 league year (that’s in March), Kansas City can cut Mahomes a check for $52.25 million to get out of the deal. If they go forward with it, an additional $40.45 million becomes fully guaranteed.
5) Patrick Mahomes' $500M contract was structured as an extension of his rookie deal.
This means that only $30k was added to the Chiefs 2020 cap and their 2021 cap decreased by $30k.
This enabled the chiefs to sign DT Chris Jones to a 4-year, $85 million extension.
This means that only $30k was added to the Chiefs 2020 cap and their 2021 cap decreased by $30k.
This enabled the chiefs to sign DT Chris Jones to a 4-year, $85 million extension.
6) This KC fan’s tweet perfectly sums up what Chiefs GM Brett Veach was able to accomplish this offseason (@ryan_landreth).
7) The Chiefs now head into the 2020 season with 20 of their 22 starters returning, and their seven best players under contract for the next two seasons:
- Mahomes
- Jones
- Kelce
- Hill
- Schwartz
- Mathieu
- Clark
- Mahomes
- Jones
- Kelce
- Hill
- Schwartz
- Mathieu
- Clark
8) If history has anything to say, Mahomes won’t be playing in KC when 2031 comes around.
Since 2000, there have been five other quarterbacks that have signed 10-year deals, but not a single one of them remained with their team throughout the life of the contract.
Since 2000, there have been five other quarterbacks that have signed 10-year deals, but not a single one of them remained with their team throughout the life of the contract.
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