Chiefs add insurance policy to record-breaking QB Patrick Mahomes extension, source says

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The Kansas City Chiefs added an insurance policy to the record 10-year extension signed by quarterback Patrick Mahomes in July, a source told ESPN’s Field Yates.The move protects the Chiefs, who begin their Super Bowl title defense Thursday night against the Houston Texans, in the event that an injury prevents Mahomes from being available to play. This also has salary cap implications, as Kansas City would receive credit for the salary cap.

Insurance policies aren’t extremely common in football contracts, but given the $ 140 million in guaranteed money Mahomes received, both sides knew the decision would be executed before the regular season began.

The contract was finalized in July and is the largest in NFL history – it is worth $ 450 million over 10 years and could reach $ 503 million. Mahomes’ expansion includes a $ 140 million damage warranty as well as a no-trade clause.

The Chiefs chose Mahomes’ fifth-year option for the 2021 season in April, putting him under contract for the next two seasons. Mahomes had two years and $ 27.6 million remaining on his contract – $ 2.8 million this year and $ 24.8 million in 2021. The 10-year extension puts him under contract with the Chiefs for the next 12 seasons.

Mahomes will receive more than $ 83 million in signing bonuses from 2021 to 23 ($ 21.7 million in 2121, $ 27.4 million in 22, $ 34 million in 23). Those first three years are fully guaranteed, ESPN reported previously.

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