Patrick Mahomes contract details: How Chiefs QB's deal compares to other highest-paid QBs

2024-09-05
4 min read
(Getty Images)

The NFL's quarterback market continues to get bigger. Each year comes with record-breaking deals that set the bar even higher than before.

While Patrick Mahomes is widely regarded as the league's best quarterback as a three-time Super Bowl MVP at age 28, he won't make the most money at his position in 2024. However, he still holds the record for the largest contract in NFL history. 

So, how much is Mahomes' contract worth, and how much will he make this season? How does it stack up against the NFL's best quarterbacks?

Here are the details on how much the Chiefs star makes and the current quarterback market across the league.

MORE: An updated look at the Chiefs' WR depth chart

How much does Patrick Mahomes make?

Mahomes will have a cap hit of just around $37 million in 2024, which is spread out across his base salary, restructure bonus, roster bonus, and workout bonus, per Spotrac. 

Over the following three seasons, that cap hit will become around $66 million, $68 million, and $64 million, respectively.

Mahomes signed a 10-year, $450 million extension in 2020 with the Chiefs. However, at the beginning of the 2023 season, his deal was restructured so he would be paid $210.6 million over the next four seasons, which is an NFL record.

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His reworked deal over the remaining eight years of his contract could help Kansas City continue to have more flexibility to build around him in the future. In 2023, Mahomes spoke about the topic, saying he worries "about legacy and winning rings more than making money at this moment."

Patrick Mahomes contract details

Below is a look at Mahomes' cap hits through 2031, per Spotrac. 

Year Cap hit
2024 $37,008,269
2025 $66,258,269
2026 $68,664,888
2027 $64,814,888
2028 $32,575,000
2029 $34,975,000
2030 $45,525,000
2031 $48,375,000

The increased cap hit between 2025-2027 will hold Kansas City back a bit, but once that period ends, the team opens up much more flexibility on its cap sheet.

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Highest-paid QBs in the NFL

Per Over the Cap, here are the highest-paid quarterbacks based on average annual value (AAV) of their current contracts.

Player AAV Team
Joe Burrow $55 million Bengals
Jordan Love $55 million Packers
Trevor Lawrence $55 million Jaguars
Tua Tagovailoa $53.1 million Dolphins
Jared Goff $53 million Lions
Justin Herbert $52.5 million Chargers
Lamar Jackson $52 million Ravens
Jalen Hurts $51 million Eagles
Kyler Murray $46.1 million Cardinals
Deshaun Watson $46 million Browns
Kirk Cousins $45 million Falcons
Patrick Mahomes $45 million Chiefs

Despite having the largest overall contract in NFL history, Mahomes' AAV ranks below a good chunk of the league's starters.

However, receiving his superstar play while maintaining financial flexibility is a massive win for Kansas City moving forward, especially considering the potential money Mahomes would garner if he hit the open market right now