The Kansas City Chiefs and quarterback Patrick Mahomes have once again reshaped the NFL quarterback market.

Kansas City agreed to a two-year extension with Mahomes that adds $239.05 million in new money to his contract, according to reports from NFL Network’s Ian Rapoport and ESPN’s Adam Schefter.

The revised deal is now worth $504.75 million in total value. Schefter reported that the entire amount will become guaranteed through various contract mechanisms, while incentives and escalators could increase the value to $522.25 million. In 2027, Mahomes will earn an average of $64 million annually, setting a new NFL record.

The extension builds off the 10-year contract Mahomes signed with Kansas City in 202o. By restructuring the deal and adding two more years, the Chiefs have made sure their franchise quarterback remains under contract through the 2033 season.

Mahomes’ new annual average will surpass the previous league-high average held by Dallas Cowboys quarterback Dak Prescott, who earns $60 million per season.

The timing of the extension is interesting, given that Mahomes is recovering from a season-ending knee injury that required surgery. There are questions about his availability for the start of the 2026 season, but the Chiefs chose not to wait before securing a long-term commitment to the three-time Super Bowl Champion.

With the injury and the play of Mahomes of recent years, is he worth this type of contract?

Comparing the contract to those of other QBs

The $64 million annual figure may seem concerning to Chiefs or NFL fans, but the reality is that Mahomes is worth that price. There’s no price for a quarterback like Mahomes, who has a rare talent to play his best when the team needs him most. He has the mental processing to dissect an NFL defense in an instant and the arm to still put the ball in places only a handful of quarterbacks can.

Even when the Chiefs aren’t playing their best or the roster isn’t where it should be, Mahomes makes them competitive. Looking at other quarterback contracts around the league, would you want to pay Trevor Lawrence $55 million a year? Brock Purdy $53 million? Daniel Jones $44 million?

Looking at the $64 million for Mahomes doesn’t seem so bad now, does it? It’s just the reality of where the quarterback market is going, and these numbers are only going to get bigger over the years.

The Chiefs did an excellent job of getting ahead of it in 2020, and they’ve done so again here in 2026. We’ll be looking at this contract in two to three years’ time, saying Mahomes is underpaid. Lamar Jackson, Caleb Williams, Drake Maye and C.J. Stroud are all set to get extensions in the coming years or months. Those contracts could jump Mahomes, or be around the same number, but none come close to the value Mahomes brings overall as a player.

The stats have gone down

Mahomes’ stats haven’t been pretty since the 2022 season. It’s still better than the average quarterback in this league, but after having 5,250 passing yards in the 2022 regular season, Mahomes has only crossed 4,000 passing yards once in the last three years.

According to PFF, Mahomes combined for 47 big-time throws in the 2024 and 25 season. In 2019, he had 50. He wasn’t going to keep playing like his superhuman self throughout his entire career, but he’s not that young gunslinger we all remember from the earlier days. The yards per attempt have declined over the past couple of seasons, but Mahomes has evolved with the roster he’s been given.

With the loss of Tyreek Hill, the Chiefs haven’t been able to find that consistent downfield threat Mahomes can trust. Travis Kelce has also gotten older, which doesn’t make things easier on Mahomes.

In the past two seasons, Mahomes has finished in the top 10 in EPA per dropback. He’s still playing efficiently and keeping the offense afloat, which is hard at times with the weapons the Chiefs possess.

When watching the film, it’s still clear Mahomes has the arm to make any throw on the field.

Fans will look at the stats, they’ll look at how boring the Chiefs offense has become, and try to use the fact that Mahomes is coming off a season-ending knee injury to say this contract isn’t worth it. What they seem to forget is he’s won three Super Bowls, three Super Bowl MVPs, two NFL MVPs, and been an All-Pro selection three times. Mahomes has transcended the quarterback position for the league, and despite all the knocks on his play recently, he won’t slow down anytime soon. He’ll make sure to prove that in 2026.