Patrick Mahomes has made it to the Super Bowl again and could be in for a huge payday as soon as this is over. While many players receive perks, things are different about Mahomes’ contract. Mahomes’ agent told ESPN’s Adam Schefter that the QB has received a big payday after restructuring. The restructured 10-year, $450,000,000 deal comes with guaranteed money, and huge bonuses, even for Super Bowl appearances. Now if the Kansas City Chiefs quarterback secures a win against the San Francisco 49ers, he will make even more money.

His being in the MVP conversation brings even more attention to the Chiefs’ signal caller, not to mention the endorsements that will come pouring in if he wins SB LVIII. Let us dive deeper into Mahomes’ contract and what kinds of incentives he has in store for the future.

Patrick Mahomes’ contract value could swell up to half a billion

Mahomes restructured his contract with the Chiefs in September of last year, and from 2023 to 2026, he will earn about $210.6 million, the most money in NFL history over a four-season span. This restructured contract will allow him to earn another $2.5 million a year as incentives between 2022 and 2031.

A bonus of $1.25 million is waiting for him if he wins the MVP award, another $1.25 million for winning the AFC Championship game (which he already did), and more than $1.25 million for winning the Super Bowl LVIII. This is on top of a roster bonus of $34.4 million, a signing bonus of $2 million, and a workout bonus of $550,000 he already received. Not to mention other bonuses on a prorated basis.

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Mahomes also received $46,500 for making it to the season’s second round of playoffs. The team is also reportedly planning to re-visit QB’s agreement again after the 2026 season, as told to ESPN by Equity Sports CEO, Chris Cabott, who negotiated the deal on behalf of Mahomes.

While Mahomes’ contract is a 10-year, $450 million deal that includes $141.482 million in guarantees, it was an extension to the remaining year of his rookie deal and his fifth-year option. Across the entire 12 years, the base value of the contract is $477.6 million. Then there is the opportunity for Mahomes to earn another $2.5 million a year in incentives till 2031. If he achieves that, his contract value would top the $500 million mark.

For the 2023 season, Mahomes will count for $49.293 million against Kansas City’s salary cap. Here’s how his deal will give a substantial cap space to Chiefs as well.

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The historic payday with restructuring will also give a cap space

Arrowhead Pride broke down the details of his renegotiations with the Chiefs. However, these changes did not increase his salary. In effect, the restructuring means that Mahomes will receive the money he was initially guaranteed to earn between 2027 and 2031, but he will receive it between 2023 and 2026.

NFL insider at ESPN, Field Yates also made some analysis on how the restructured deal would impact the cap space. According to Yates, the restructured contract gives a $2.5 million cap space. This means the Chiefs will have enough for their “in-season finances”.

Technically, Mahomes’ cap hit from 2023-2026 before the negotiation was $179.4 million; after the talks, it became $218.6 million. This would affect him between 2027 and 2031 because the cap hit was $254.7 million in that time frame, but now, it is $215.5 million, changing it by a negative $39.2 million in cap space, which shifted to a positive in the 2023-2026 period.

This deal is good for Mahomes in the short term because he is getting his money earlier with the restructured deal. This is also good because it covers the consequences of him getting injured in the future, and the Chiefs deny him payment for some reason.

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