Patrick Mahomes, the quarterback for the Kansas City Chiefs, is widely regarded as one of the top players in the NFL. But how does his current contract compare with the deals signed by other notable quarterbacks in the league recently?

As of 2024, Mahomes has the largest contract in terms of total value. Nevertheless, he doesn’t make the list of the top 10 contracts based on average annual value (AAV) among quarterbacks today. His contract also doesn’t rank among the top 12 for guaranteed money.

In 2024, Dallas Cowboys quarterback Dak Prescott leads in both AAV and guaranteed money. He signed the largest contract in NFL history just before the season, which guarantees him one million more than Deshaun Watson’s fully guaranteed contract with the Cleveland Browns.

Below are the specifics of Patrick Mahomes’ contract and how it compares to Prescott’s lucrative agreement:

Details of Patrick Mahomes’ Contract

Approximately two months after the Kansas City Chiefs activated his fifth-year option in 2020, Mahomes signed an extension.

This extension is a substantial 10-year deal worth $450 million, lasting through the 2031 season. Additionally, it includes performance incentives that could raise the total to $503 million.

This contract was, at the time, the most lucrative in American sports history, surpassing Mike Trout’s 12-year, $426.5 million contract with the Los Angeles Angels. However, Shohei Ohtani’s $700 million contract with the Los Angeles Dodgers later eclipsed Mahomes’ deal.

Out of the original $450 million value, only $141.5 million was guaranteed. In September of last year, the Chiefs restructured Mahomes’ contract to increase the guarantees and front-load payments between 2023 and 2026. In this new layout, Mahomes will earn $210.6 million over the next four years, averaging about $52.7 million per year, all guaranteed.

The 29-year-old quarterback’s contract also has built-in incentives. He can earn an extra $1.25 million for winning another MVP and another $1.25 million for winning a Super Bowl, provided he plays 50% of the snaps in the regular season or the Super Bowl.

Both Mahomes and the Chiefs are optimistic that this new contract structure will allow for renegotiation after the 2026 season.

Who Holds the Title of Highest-Paid NFL Player?

While Mahomes showcases significant talent and an impressive football résumé, he is not currently the highest-paid player in the NFL.

This title goes to Prescott, who recently signed a four-year contract worth $240 million right before the start of the 2024 season.

Prescott’s contract boasts the record for the highest AAV, set at $60 million annually, surpassing notable quarterbacks like Trevor Lawrence, Joe Burrow, and Jordan Love who each stand at $55 million annually. It also holds the record for the most guaranteed money upon signing at $231 million, which is a million more than Watson’s fully guaranteed contract with the Browns.

Now that Mahomes is set to earn approximately $52.7 million annually over the next four years, his effective AAV aligns more closely with other top earners. This figure places him just ahead of Justin Herbert from the Chargers ($52.5 million per year, ranked seventh) and slightly below Jared Goff from the Lions ($53 million per year, ranked sixth).