“He’s our QB1 and you can’t have him,” the Chiefs said in a post on X confirming the contract extension on Wednesday.
ESPN and NFL Network reported the extension adds US$239.05 million, with a total value of US$504.75 million from 2026 through 2033.
The first four years are guaranteed at signing, and Mahomes can make up to US$522.25 million through incentives and escalators included in the deal, ESPN reported.
The US$64 million annual average value of the deal, beginning in 2027, is a new NFL record.
Mahomes, a two-time NFL Most Valuable Player who led the Chiefs to five Super Bowls in six seasons and three crowns before the club slumped to 6-11 last year, had signed a 10-year contract extension in 2020 that already had him set to stay in Kansas City through the 2031 season.
That deal worth US$450 million had already made Mahomes the highest-paid player in US team sports history.
Mahomes, 30, suffered torn left knee ligaments in December and underwent surgery.
He said in January his recovery was “going great” and in March the Chiefs posted a video on social media showing Mahomes dropping back to throw a pass in training.
He has participated in seven-on-seven drills in the Chiefs’ off-season workouts and said last month he hopes to be ready to play when the NFL season kicks off in September. (AFP)