Ryan Glasspiegel
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Patrick Mahomes agreed to a 10-year extension with the Chiefs today. Early reports indicated it was over $400 million, then in the neighborhood of $450 million. Now we are learning that the deal could be worth north of HALF A BILLION dollars:
The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause
— Ian Rapoport (@RapSheet) July 6, 2020
In the coming days we will better see the structure of this deal and have better tools with which to evaluate it. I’m interested in learning what a “guarantee mechanism” is — whatever it is, it seems antithetical to the meaning of the word “guarantee” but that’s the way the weird language of NFL contracts has been moving for quite some time.
Mahomes, by the way, earned this contract. The NFL salary cap is almost certainly going up when new TV deals kick in, so these numbers aren’t going to look as out of whack by the middle of the deal if he maintains anywhere near his level of play. It could even look like a bargain for Kansas City by that time.
Update: All Mahomes has to do to earn the full half billion dollars is win the MVP and get to the Super Bowl every year:
Starting in 2022, and for 10 years running, Patrick Mahomes has a $1.25 million incentive for winning AFC Championship game and a $1.25 million incentive for winning NFL MVP, per source. That’s $25M of incentives over 10 years, taking value of his deal from $477M to $503M.
— Adam Schefter (@AdamSchefter) July 6, 2020
And here’s what guarantee mechanism means:
What’s the guarantee mechanism? Basically, the team guarantees Patrick Mahomes' salary a year out. And if they don’t pick up each guarantee, they have to cut him (to avoid picking up the future guarantee). https://t.co/dSzKmS7wbM
— Ian Rapoport (@RapSheet) July 6, 2020
I’m guessing the guarantee mechanisms are that he’ll get a percentage of the salary cap and/or remain in the top 1-3 paid QBs at all times throughout the entire deal. Pure guess listening and reading others.
I will be honest. I did not know Mahomes was “black”. Exactly how does one qualify as “black”? At least 1 parent meets stereotypical physical traits of being “black”. Can I get in the black club? If your mom is white and dad black, are you “black”? Is the reverse true? Grandmother is black qualifies you? Is it my skin tone? Shape of certain facial features? Hair texture? What? Honestly, what a waste of time and resources is spent on this subject. My first thought was NOT Mahomes was a black QB; my first thought was “Dang this guy got paid! Good for him! He is the best QB in the NFL today”
I’m a lifetime Steelers fan… But I have to say watching Mahomes is pure enjoyment! I am so glad he won the Super Bowl first, and then MVP! I think he is a true class act in the NFL and very glad to see him get an outstanding long term deal! As a true football fan, I love it!