Kansas City Chiefs quarterback Patrick Mahomes is restructuring his contract in a move that will free up as much as $21.6 million for the team to use in the offseason, ESPN’s Adam Schefter reported Tuesday.
Mahomes, who signed a 10-year, $450 million deal with the Chiefs in July 2020, was due to carry a $58.6 million cap hit in ‘24. That figure is set to drop significantly as the team pursues its third consecutive Super Bowl victory, which would mark the first three-peat in league history.
The Chiefs already moved quickly to sign star defensive tackle Chris Jones to a new five-year deal that will pay him $158.75 million, including a practical guarantee of $95.3 million. After doling out the big paycheck to the 29-year-old, Kansas City was able to re-open some financial flexibility by restructuring the terms of Mahomes’s deal.
In addition to Jones’s new contract, the Chiefs also agreed to a deal with tight end Irv Smith Jr. and signed punter Matt Araiza in February.
Mahomes and Kansas City also agreed to a restructured deal last offseason, one which freed up $2.5 million in cap space for the team. This restructure is more significant in terms of immediate financial flexibility, a signal of the team’s desire to make history with a third championship in a row.
