Major Update on Patrick Mahomes’ Future With the Chiefs

The Patrick Mahomes story has taken another turn. He has just signed a historic contract extension with the Kansas City Chiefs.

NFL insiders Ian Rapoport and Adam Schefter broke the news on Wednesday evening. They reported that the three-time Super Bowl champion agreed to a reworked deal that keeps him with the AFC West team through the 2033 season.

This deal is worth $504.75 million, which makes it the first deal in NFL history that is worth more than half a billion dollars. The first four years of this deal are guaranteed.

Additionally, Mahomes can increase this deal through playing incentives. He can make up to $522.25 million. The NFL insiders did not provide details about these incentives, but most contract incentives tie to performance on the field and performance by the team.

For example, if a quarterback leads a team to the playoffs, they can earn a certain amount. If they lead the team deep into the playoffs, they earn more. If they reach the Super Bowl, they earn even more.

As someone who has won MVP twice and taken the Chiefs to the Super Bowl five times, it’s highly likely that Mahomes will reach some of these incentives.

For now, however, he will simply enter the season as the highest-paid quarterback. He will earn $64 million annually, surpassing Cowboys quarterback Dak Prescott at $60 million.

This contract extension comes at a time when NFL fans wonder about Mahomes’ return to the field. The veteran quarterback ended last season early after tearing his LCL and ACL against the Chargers.

He has focused on rehab as the Chiefs have prepared for the 2026 NFL season, but it remains unclear if he will be healthy in time for Week 1.

The Chiefs start the season with a Sept. 14 game against the rival Broncos. They will host the Week 1 matchup, which will kick off Monday Night Football.

Polymarket traders have focused on Mahomes’ health throughout the offseason. They have made their wagers regarding his return.

The traders currently have Mahomes’ chances of starting Week 1 at 57%. Bengals backup Joe Flacco is second on the list at 31%.

The traders do not have a value attached to new Chiefs quarterback Justin Fields, who landed with the team via trade after last season.

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