Patrick Mahomes, Chiefs Restructure Contract to Free Up Cap Space

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Patrick Mahomes has renegotiated his contract with the Kansas City Chiefs in order to provide the team with additional salary cap flexibility. 

The revised agreement is expected to generate approximately $21.6 million in savings for the Chiefs, which can then be allocated towards acquiring free agents.

Patrick Mahomes, Chiefs Benefit from Contract Restructure

Patrick-Mahomes,-Chiefs-Restructure-Contract-to-Free-Up-Cap-Space
LAS VEGAS, NEVADA – FEBRUARY 12: Quarterback Patrick Mahomes #15 of the Kansas City Chiefs address the media after being presented the Pete Rozelle Trophy as Super Bowl LVIII Most Valuable Players during the Super Bowl Winning Team Head Coach and MVP Press Conference at the Mandalay Bay North Convention Center on February 12, 2024 in Las Vegas, Nevada.

This strategic maneuver is mutually advantageous for Mahomes and the Kansas City Chiefs, particularly as the team strives for a third consecutive Super Bowl victory following their recent back-to-back wins. 

With the newfound financial flexibility, the Chiefs can now bolster their offensive arsenal by adding another weapon for their quarterback or address any other areas of concern as they prepare for the 2024 season.

Initially projected to incur a salary cap hit of $58.6 million for the upcoming season, Patrick Mahomes’ revised contract, as reported by Spotrac, has reduced this figure to $37 million. However, his salary cap hit is anticipated to significantly escalate to $66.2 million in the 2025 season.

Spotrac also indicates that $27 million of Mahomes’ salary for this season will be designated towards a restructure bonus.

Having originally signed a 10-year, $450 million contract with the Chiefs in 2020, Mahomes’ contract underwent restructuring this past September. 

As a result, he is slated to receive $210.6 million in compensation from 2023 to 2026, marking the highest total earnings for a player over a four-year period in NFL history.

Chiefs’ Offseason: Mahomes, Jones, Sneed, and More

Restructuring Patrick Mahomes’ contract marks just one of several significant moves made by the Chiefs this offseason. 

They have also secured the services of starting defensive tackle Chris Jones with a five-year contract extension and utilized the franchise tag on cornerback L’Jarius Sneed. 

Both players played pivotal roles in the team’s defense during the previous season, with Jones even tying for the team lead with 10.5 sacks.

Furthermore, reports suggest that Kansas City has released wide receiver Marquez Valdes-Scantling, indicating a potential need for additional receiving options.

Before the adjustment to Mahomes’ contract, the Chiefs were anticipated to have limited financial resources at the onset of free agency on Wednesday. 

However, with Spotrac now estimating their cap space to be approximately $22.2 million, they rank 17th among all NFL teams, providing them with more flexibility to maneuver in the offseason.

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