Kansas City Chiefs quarterback Patrick Mahomes is the most accomplished quarterback in the NFL today. Aaron Rodgers is the only player with an argument, and he remains a free agent in his declining years as a player.
So the initial shock over Mahomes ranking as the 14th highest-paid QB in average annual salary following Brock Purdy’s five-year, $256 million extension, making him the highest-paid player in San Francisco 49ers history, is understandable. However, it may also be overstated, as Mahomes and the Chiefs have set the stage well for themselves.
Chiefs QB Patrick Mahomes to Remain Cash King After Historic Decision
Patrick Mahomes and the Chiefs Have Planned Well
Technically, Mahomes is in a tie with Kirk Cousins of the Atlanta Falcons for 13th, per Over the Cap. Moreover, Underdog’s James Palmer noted the Chiefs and Mahomes have remained in “constant contact” to ensure the six-time Pro Bowler and two-time MVP (and three-time Super Bowl champion) remains “happy.”
“With the length of the deal it allows a lot of flexibility and movement to make sure Mahomes is properly and continuously compensated,” Palmer posted on X on May 17.
Notably, Mahomes and the Chiefs prevented Purdy and the 49ers from winning Super Bowl LVIII.
Mahomes is coming off a down season by his lofty standards.
He completed 67.5% of his passes for 3,928 yards with 26 touchdowns and 11 interceptions during the 2024 regular season. The touchdowns tied his 2019 mark, which is his fewest as a starter.
His 2024 yardage is also Mahomes’ lowest output since he became a starter. His touchdown rate tied his 2023 campaign for his lowest as the Chiefs’ QB1.
Still, Mahomes’ plight is not what it may get made out to be, which will remain the case in 2205.
Pro Football Talk’s Mike Florio noted on X on May 17 that Purdy’s extension does not kick in until 2026. Florio also previously highlighted an often overlooked aspect of NFL contracts that benefits the Chiefs and Mahomes.
“The media has generally accepted new-money annual average as the universal currency for ranking player pay, it looks like Mahomes is woefully underpaid,” Florio wrote in July 2024. But there are other ways to look at these contracts. One way is to focus on the cash to be paid in the coming years.
“From 2023-26, as well as 2024-27, one player still leads the way in four-year cash flow. It’s Mahomes.”
Florio noted that future cash will not always be paid out, but that it remains an “important” factor.
The veteran reporter conceded that Mahomes “still lags” compared to his true value, but adds that his projected earnings keep him in good standing while also remaining a “bargain” for the Chiefs. Houston Texans QB C.J. Stroud will also cash out soon, but Mahomes is so far ahead of the field that he should hold his top spot for some time yet.
Patrick Mahomes’ Contract Chiefs’ Secret Weapon
Palmer’s note about the length of Mahomes’ deal and the flexibility it affords the Chiefs is not hyperbole. The Chiefs have had to deploy various permutations of their roster around Mahomes since his ascension to superstardom as a franchise quarterback. The ability to move money around from what is invariably the most expensive position on an NFL roster is paramount to that flexibility.
Mahomes and the Chiefs have already restructured his contract three times and taken advantage of the savings.
The first move, in September 2023, set Mahomes up for that record-setting stretch. He will earn $210.6 million and up to $218.1 million from 2023 through 2026.
In March 2024, they created $21.6 million additional cap space for the Chiefs. Their most recent move came this past March. It included All-Pro defensive lineman Chris Jones and freed up a combined $49.5 million for the Chiefs.
There is also an expectation for Mahomes and the Chiefs to renegotiate in 2026.
The Chiefs can continue making tweaks to the roster around Mahomes as needed, provided he remains as amicable to doing so as he has so far been.
