UPDATE: Patrick Mahomes Reportedly Signs 10-Year $503-Million Extension With KC Chiefs, Richest Contract in NFL History

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Super Bowl LIV-champion QB Pat Mahomes has reportedly signed a blockbuster 10-year extension with the Kansas City Chiefs for more than $400 million, ensuring the 2018 NFL MVP will remain with the team for the next 12 years.

According to ESPN’s Adam Schefter, Mahomes had two years left on his current contract, so his massive extension means his minimum salary through 2032 would be $427.6 million.

Patrick Mahomes had two years and $27.6 million left on his existing deal — $2.8M this year, $24.8M in 2021.

His 10-year extension is worth over $400M, though it’s still uncertain how much over.

So the lowest his 12 year-deal could be worth is $427.6 million. But will be more.

— Adam Schefter (@AdamSchefter) July 6, 2020

Mahomes’ mega-deal dwarfs the previous biggest NFL contract, which involved Atlanta Falcons QB Matt Ryan, who signed a five-year, $150-million contract in 2018.

Schefter also reports that the final terms of Mahomes’ deal may fluctuate based on the team’s salary cap situation every year.

The interesting part is, the Chiefs have been adamant that they would not tie a new Patrick Mahomes’ deal to percentage of the cap. So this is going to be interesting to see the deal’s final structure. https://t.co/CEEOtjRLBR

— Adam Schefter (@AdamSchefter) July 6, 2020

Update, 7:30 p.m. EDT: NFL.com reporter Ian Rapoport adds more detail to the Mahomes deal, reporting that the extension is worth more than a half-a-billion dollars, $477 million of which has guaranteed income aspects. It also includes a no trade clause.

The #Chiefs and QB Patrick Mahomes have agreed to terms on a 10-year extension worth $503 million, sources tell me and @TomPelissero. He gets $477M in guarantee mechanisms and gives the ability for Mahomes to have outs if the guarantee mechanisms aren’t exercised. No trade clause

— Ian Rapoport (@RapSheet) July 6, 2020