Patrick Mahomes Restructures Contract to Free Up Significant Cap Space for Chiefs, per Report
Restructuring Mahomes’s deal opens up plenty of cap space for Kansas City.
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.