Patrick Mahomes, Chiefs will potentially restructure contract after Super Bowl

The Kansas City Chiefs and Patrick Mahomes are focused on the Super Bowl, but talks of reworking his contract could follow. According to CBS Sports’ Jonathan Jones, the two sides are “likely” to restructure the star quarterback’s deal to save cap space this offseason.

Mahomes originally signed a 10-year, $450 million contract with the Chiefs in 2020. The team restructured his deal in September so that he is paid $210.6 million from 2023 until 2026, the most a player has been paid over a four-year period in NFL history.

Mahomes is currently set to take up $58.55 million in cap space for the 2024 season. That number would decrease to $57.5 million if Kansas City fails to win the Super Bowl on Sunday, for which Mahomes would be awarded a $1.25 million bonus.

The Chiefs will reportedly aim to get that number in the low 20s before the start of the new league year in March, a move that would save them roughly $37 million in cap space.

Mahomes’ contract was viewed to be team-friendly at the time of his signing in 2020 because there was less guaranteed money than average despite the large number. Jones explained that allows Kansas City some wiggle room to rework the contract every three seasons, give or take. It is highly likely that the franchise will again do so following the 2026 season.

The additional cap space would allow the Chiefs to re-sign pending free agents such as cornerback L’Jarius Sneed or defensive tackle Chris Jones. It also frees up room for a potential trade or free agent signing.

Mahomes will still make out very well for himself and it will increase the likelihood that Kansas City can continue to contend for more Super Bowls in the future. Mahomes has led the Chiefs to the big game in four of the past five seasons, winning twice. He’s also been named the MVP twice, something he receives another $1.25 million bonus for on his contract.

If Mahomes is able to lead the Chiefs to a victory against San Francisco on Sunday, he will join Tom Brady and Troy Aikman as the only quarterbacks in NFL history to win three Super Bowls before their 30th birthday. He is already the youngest quarterback to start four Super Bowls at 28.

Kickoff the Super Bowl LVIII is set for 6:30 p.m. ET on Sunday at Allegiant Stadium in Las Vegas.