The Kansas City Chiefs reworked quarterback Patrick Mahomes' contract and agreed to add two years, which will keep him with the team through the 2033 season, sources told ESPN's Adam Schefter and Ian Rapoport.
The new money on Mahomes' deal is worth $239.05 million, increasing the total value of his contract to an unprecedented $504.75 million. It's the NFL's first contract valued at over half a billion dollars.
The new deal will carry an average salary of $64 million, setting an NFL record for average annual salary, as it exceeds that of Dallas Cowboys star Dak Prescott, who previously led all quarterbacks with an annual salary of $60 million. The first four years of Mahomes' agreement will be guaranteed at signing.
"Patrick is a generational talent and an elite human being, and I'm so excited he will continue to lead our team into the future," Chiefs chairman and CEO Clark Hunt said, per Schefter and Rapoport.
The two-time MVP has made a habit of resetting the quarterback market. Wednesday's revised deal marks the third time in the span of six years that he's topped the market at the position.
The three-time Super Bowl champion agreed to terms on a 10-year, $450-million pact in 2020 that pushed player compensation into another stratosphere.
Mahomes, who's working back from a torn ACL and LCL sustained in December, has been gradually increasing his physical activity this offseason. Kansas City remains optimistic that he'll be available for its season opener Sept. 14 against the Denver Broncos.
