The Kansas City Chiefs are interested in a long-term extension with Patrick Mahomes and the last word says it comes after the NFL draft.
Few teams have been forced to work through the kind of financial hoops facing Kansas City leaders this offseason and the toughest situations are still ahead. However, a little chronology is at least apparent for the biggest obstacle of all: a schedule for a contract extension for quarterback Patrick Mahomes.
NFL reporter Tom Pelissero announced this weekend that an extension for Mahomes would probably arrive after the project. It was hidden in the same report that the team had had contract talks with defensive forward Chris Jones but had not yet extended an official offer for a long-term deal.
Pelissero says“I understand that timing is still something that is likely to happen after the draft, as they will see how the list will settle and discover how they can build a dynasty around their superstar.”
The 2020 NFL draft is slated to take place in the coming weeks, which means the chiefs could act sooner than later to make Mahomes the most expensive player in the NFL. Mahomes certainly won such an agreement, but it is interesting to see the chefs want to move so quickly on this point.
For the next year, Mahomes is expected to receive $ 5.3 million this season for the final year of his rookie contract. However, the Chiefs also hold leverage here in the 2021 season by declaring that they wish to exercise a fifth year option. Mahomes would then receive a huge raise, but nothing comparable to the record expansion he should receive from the team.
Spotrac has its market value set at $ 37 million per season, a mark that would surpass all of the league’s current financial records. Matthew Ryan holds the record for the highest amount with $ 150 million over 5 years (and the most guaranteed at $ 94 million). Russell Wilson has the highest average annual value at $ 35 million a year. Jared Goff is of comparable age and recently signed a four-year, $ 134 million deal in new money.
If leaders were to act quickly, they could help themselves save at least one little little money by beating the Dallas Cowboys and the Houston Texans at high-priced extensions with Dak Prescott and Deshaun Watson, respectively. Again, Mahomes’ earnings should still overshadow these deals even if they come later. His agent, Leigh Steinberg, will no doubt do it.
Next: 2020 NFL Draft: RB Goals for Chefs