FILE - In this Feb. 2, 2020, file photo, Kansas City Chiefs quarterback Patrick Mahomes (15) passes against the San Francisco 49ers during the first half of the NFL Super Bowl 54 football game in Miami Gardens, Fla. The Chiefs made sure they will have Super Bowl MVP Mahomes around as long as possible. Mahomes agreed to a 10-year extension worth $503 million, according to his agency, Steinberg Sports. The deal is worth $477 million in guarantee mechanisms and includes a no-trade clause and opt-out clauses if guarantee mechanisms are not met. It is the richest contract in professional sports history, surpassing Mike Trout’s $426.5 million deal with the Los Angeles Angels. (AP Photo/Patrick Semansky, File)

Money Mahomes: the 500 Million Dollar Man

It’s time for Patrick Mahomes to bust out the pools of gold coins like Scrooge McDuck; he just made a ridiculous amount of money.

On Monday, the Kansas City Chiefs reportedly agreed to an unprecedented contract extension with him. It’s not just the biggest contract in NFL history, but the richest contract in sports history (Mike Trout previously held that record). The contract could be worth up to a whopping $503 million.

Dissecting the details and money

Mahomes’ contract is for 10 years and $450 million, with a $140-million injury guarantee, a no-trade clause and incentives along the way. In addition, he is due $27.6 million over the next two years. The hopeful result for Chiefs fans; 12 more years of Mahomes magic in Kansas City.

“The Chiefs have Mahomes under contract through the age 37,” said ESPN’s Adam Schefter. “He’s got the security he wants, they have the best player in football under contract for the next 12 years and both sides can go forward with the relationship that has worked out very well.”

Since the NFL off season has been dry recently, the deal came at an unexpected time. The length of the contract itself is surprising, as Mahomes is under contract until 2031.

‘This contract essentially is double the amount of time of a normal NFL contract at a time where we’re not seeing extensions get done,” Schefter said.

Impact of Mahomes’ new contract on Chiefs

At first, the contract seems to inhibit Kansas City’s long-term outlook. However, it is a rather team-friendly deal. For example, there are two years remaining on Mahomes’ current contract before the new contract kicks in.

“It preserves their cap space in the next couple of years,” Schefter said. “They have flexibility to try to repeat as Super Bowl champions.”

There is reason for concern as to whether the Chiefs can keep star defensive tackle Chris Jones. On the other hand, Schefter believes that extending Mahomes could help Kansas City to hang on to Jones.

It would benefit the Chiefs to reach a deal with Jones, who hinted at possibly sitting out the 2020 season if he does not receive a new contract.

Impact of deal on quarterback market

Mahomes’ contract extension will affect the rest of the league. For instance, the Dallas Cowboys want Dak Prescott to sign a longer contract with the team.

“If you’re Dallas, you can say to Dak, ‘Well look, Mahomes just gave up 10 years. Why can’t you give us five?'” Schefter said.

In terms of quarterback value, this deal raises the cost of quarterbacks in the NFL. However, Mahomes’ value is the ceiling. No quarterback is worth more money than he is.

“Patrick Mahomes was always going to be in a different tier,” said ESPN’s Jeff Darlington. “While it certainly does help elevate the quarterback market, it is not the type of deal that players will say, ‘Well now I get to go above Patrick.”

Sound used in this story courtesy of ESPN and ABC Newscall.

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