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The Chiefs and Tremendous Bowl MVP quarterback Patrick Mahomes have reached settlement on a 10-year contract extension that ties him to Kansas Metropolis via the 2031 season, the group introduced Monday.
League sources advised ESPN’s Adam Schefter that the deal is price $450 million over the 10-year interval and could possibly be price as much as $503 million. The extension features a $140 million harm assure, in addition to a no-trade clause.
It additionally contains the flexibility for Mahomes to have outs if sure “assured mechanisms” aren’t exercised, a supply advised Schefter.
“Since he joined the Chiefs only a few years in the past, Patrick has developed into some of the prolific athletes in all of sports activities,” Chiefs chairman Clark Hunt mentioned in a press release in regards to the quarterback who led the group to its first championship in 50 years.
“Together with his dynamic play and infectious character, he is likely one of the most acknowledged and beloved figures to placed on the Chiefs uniform. He is a unprecedented chief and a credit score to the Kansas Metropolis group, and I am delighted that he will probably be a member of the Chiefs for a few years to come back.”
Mahomes tweeted in regards to the deal following the announcement Monday.
Right here to remain. . .! ⏰⏰ pic.twitter.com/mfwMga3Kl0
— Patrick Mahomes II (@PatrickMahomes) July 6, 2020
The Chiefs picked up Mahomes’ fifth-year possibility for the 2021 season in April, placing him beneath contract for the following two seasons. Mahomes had two years and $27.6 million left on his deal — $2.8 million this yr and $24.8 million in 2021. The ten-year extension places him beneath contract with the Chiefs for the following 12 seasons.
Mahomes will obtain $83 million-plus in signing bonuses from 2021 to ’23 ($21.7 million in ’21, $27.4 million in ’22, $34 million-plus in ’23). These first three years are totally assured, sources advised ESPN’s Jeremy Fowler.
The Chiefs added $25 million in incentives over 10 years for Mahomes. Beginning in 2022 and for 10 years working, Mahomes could have a $1.25 million incentive for profitable the AFC Championship Recreation and a $1.25 million incentive for profitable NFL MVP, a supply advised Schefter.
Together with his landmark payout over the following 12 seasons, Mahomes could have the richest valued contract in American skilled sports activities. Mike Trout held that distinction after he signed a 12-year, $426.5 million contract with the Los Angeles Angels in March 2019. Trout’s contract is totally assured, nevertheless.
Chiefs common supervisor Brett Veach mentioned this deal has been a precedence and thanked Mahomes’ brokers, Chris Cabott and Leigh Steinberg.
“His skills are so uncommon, and to couple that with an unbelievable character is excellent,” Veach mentioned of Mahomes. “We’ll proceed to do all the things we are able to to encompass him with expertise, and this deal gives us extra flexibility to do this. He is clearly an integral half to our success, and we’re thrilled he’ll be the quarterback of the Kansas Metropolis Chiefs for a very long time.”
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Dan Orlovsky explains why Patrick Mahomes’ 10-year extension with the Chiefs is nice for all events concerned.
Mahomes turns into the fourth quarterback since 2011 to obtain an extension earlier than the beginning of his fourth season, becoming a member of Ryan Tannehill (Miami Dolphins in 2015), Carson Wentz (Philadelphia Eagles in 2019) and Jared Goff (Los Angeles Rams in 2019).
The Chiefs mentioned they meant to signal their franchise quarterback to an extension however beforehand indicated that it may not occur till after this season.
Mahomes, 24, was the MVP of Kansas Metropolis’s 31-20 victory over the San Francisco 49ers in Tremendous Bowl LIV, making him the primary quarterback in NFL historical past to win a league MVP and Tremendous Bowl earlier than turning 25.
Mahomes is the youngest quarterback to be named Tremendous Bowl MVP. He helped the Chiefs erase a 10-point fourth-quarter deficit by main three landing drives. He completed 26-of-42 for 286 yards with three whole touchdowns (two passing, one speeding), two interceptions and a 78.6 passer score. He joined Tom Brady (Tremendous Bowl XLIX) and Terry Bradshaw (XIV) as the one gamers to win Tremendous Bowl MVP regardless of throwing a number of interceptions.
Mahomes was named the NFL MVP after the 2018 season, wherein he led the league with 50 landing passes and threw for five,097 yards in his first full season as a starter.
Coach Andy Reid mentioned one of the best half is that Mahomes remains to be early in his profession. Mahomes would not flip 25 till Sept. 17.
“He is a pure chief and all the time grinding, whether or not that is on the sphere, within the weight room or watching movie. He needs to be one of the best,” Reid mentioned. “He is a competitor, and his teammates feed off his vitality. He makes us all higher as a corporation, and we’re blessed he’ll be our quarterback for years to come back.”
The Chiefs traded up within the 2017 draft to pick Mahomes with the tenth total decide. He sat out for many of his rookie season behind starter Alex Smith, beginning in solely the season finale, when the Chiefs rested their starters.
The Chiefs traded Smith to the Washington Redskins earlier than the next season and made Mahomes the starter.
General, Mahomes has thrown for 9,412 yards, 76 touchdowns and 18 interceptions in 31 regular-season video games. In 5 playoff video games, he has thrown for 1,474 yards, 13 touchdowns and two interceptions.
The Related Press contributed to this report.
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