It sure pays, being a world-class athlete. Just ask Chiefs quarterback Patrick Mahomes.
Mahomes signed a gargantuan 10-year (!) extension with the Chiefs in July 2020, just the fourth year of his rookie contract. If he meets all the incentives of that deal, then it will net him roughly $503 million — the richest contract in American sports history and second internationally only to Lionel Messi’s four-year, $674 million contract with FC Barcelona.
The deal will keep Mahomes in Kansas City through the 2031 season, when he will be 36. That money may seem absurd — we assure you, it is — but it is still a sound investment for the Chiefs. Mahomes is well on his way to challenging Tom Brady as the GOAT, and he hasn’t even concluded that rookie contract. Mahomes was voted NFL MVP in 2018 — his second pro season and first year as a starter — and followed that up in the 2019 season with a miraculous Super Bowl run in which he earned MVP honors for the big game.
Did we mention that it was Kansas City’s first Super Bowl appearance in 50 years?
It doesn’t look as if the Chiefs are going anywhere anytime soon, either. That means we will be talking about Mahomes — and that ridiculous contract — for a long time. Here’s a breakdown of the richest contract in American sports history:
How much does Patrick Mahomes make?
As gaudy as Mahomes’ contract is, it’s still pretty team-friendly through 2021, which will mark the fifth year of his rookie contract. After 2021, the deal becomes backloaded in anticipation of an increased NFL salary cap. Per Spotrac, Mahomes is set to make $10.825 million in 2020: $825,000 in base salary and a $10 million signing bonus.
Here’s how that contract paid out over the 2020 season, playoffs included:
- Per game: $636,764.71
- Per win: $676,562.50
- Per pass: $16,501.52
- Per completion: $24,602.28
- Per passing touchdown: $25,7738.10
- Per snap: $9,495.61
Patrick Mahomes contract
Including 2020 and 2021, Mahomes’ total cash for the extension totals $477.63 million, which averages out to $39.8 million per year. If he hits all his incentives, then he can earn up to $502.63 million.
Mahomes is set for a pay increase in 2021 — to $22.8 million in total cash — but it’s not until 2022, that the extension takes place. Beginning that season, he will average $45 million per season. That doesn’t include $2.5 million a year in incentives ($1.25 million for NFL MVP and Super MVP honors, respectively). The majority of the money will come from hefty roster bonuses.
Below is his year-by-year cash breakdown beginning with the 2022 season; it includes base salary, roster bonuses and workout bonuses but not incentives or signing bonuses.
|Year||Total cash||Base salary||Roster bonus||Workout bonus|
|2022||$29.45 million||$1.5 million||$27.4 million||$550,000|
|2023||$40.45 million||$5.5 million||$34.4 million||$550,000|
|2024||$37.95 million||$2.5 million||$34.9 million||$550,000|
|2025||$41.95 million||$2.5 million||$38.9 million||$550,000|
|2026||$41.95 million||$2.5 million||$38.9 million||$550,000|
|2027||$59.95 million||$10 million||$49.4 million||$550,000|
|2028||$44.45 million||$13 million||$30.9 million||$550,000|
|2029||$44.95 million||$20.5 million||$23.9 million||$550,000|
|2030||$50.45 million||$27 million||$22.9 million||$550,000|
|2031||$52.45 million||$38 million||$13.9 million||$550,000|
And here is a breakdown of the triggers for salary guarantees for 2023-31:
- 2023 salary, roster bonus and workout bonus fully guaranteed on the third league day of 2021
- 2024 salary, roster bonus and workout bonus fully guaranteed on the third league day of 2022
- 2025 roster bonus and workout bonus fully guaranteed on third league day of 2023
- 2025 salary and workout bonus fully guaranteed on the third league day of 2024
- 2026 roster bonus fully guaranteed on the third league day of 2025
- 2026 salary and workout bonus, plus 2027 roster bonus, fully guaranteed on the third league day of 2026
- 2027 salary and workout bonus, plus 2028 salary and roster bonus, fully guaranteed on the third league day of 2027
- 2029 salary, workout bonus and roster bonus fully guaranteed on the third league day of 2028
- 2030 salary and roster bonus fully guaranteed on the third league day of 2029
- 2031 roster bonus fully guaranteed on the third league day of 2030
Patrick Mahomes net worth
Celebrity Net Worth estimates Mahomes’ net worth to be $30 million as of 2020, though it’s likely that total is higher.
To date, Mahomes has made just $24.545 million from his NFL earnings. Apart from that, it’s unknown exactly how much he makes in endorsements and commercials. One NFL executive estimated that if the Chiefs were to win Super Bowl 54 — they did — then it would result in an additional $7 million per year for Mahomes.
His endorsement deals include:
- Essentia Water
- State Farm
- Head & Shoulders
One of the first major purchases Mahomes made following his extension was … a stake in the Chiefs’ MLB neighbor, the Royals. His father, Pat Mahomes, pitched 11 seasons in MLB, so it’s no surprise his son — a former baseball player himself — would be interested in partnering with a team. That he did so with the hometown Royals also showed his commitment to Kansas City.
The same day he bought an ownership stake in the MLB team, he also bought a Ferrari 812 Superfast — which starts at $338,000. He also has a home in Texas — bought before his extension — and a $1.75 million home in Kansas City, which he shares with fiancee Brittany Matthews.