Chiefs revise Patrick Mahomes deal, keep QB under contract through 2033

The Kansas City Chiefs have renegotiated quarterback Patrick Mahomes’ contract by adding two years, keeping him under contract through the 2033 season. The revised eight-year framework is valued at $504.75 million, averaging $63.09375 million per year, and can rise to $522.25 million through base-salary escalators and incentives.

The updated structure includes $237 million in conventional guarantees, described as the cash in the first four contract years through 2029. Of that total, $150 million is fully guaranteed at signing, while money in the 2030 through 2033 seasons is not guaranteed at signing but can become guaranteed at different points during the deal.

Mahomes is not scheduled to receive new money in 2026 because his previously set $56.75 million for that season remains unchanged. Under the revised terms, he gets a $5.1 million raise in 2027, lifting his total cash through 2027 to $114.75 million.

The report also described $38.5 million of new money through 2028, with vesting and guarantee triggers intended to provide earlier cash security while preserving the club’s long-term flexibility.

The renegotiation came after Kansas City created significant 2026 salary-cap space earlier in the offseason. In that earlier move, the Chiefs converted $54.45 million of Mahomes’ $56.75 million 2026 compensation into a signing bonus, creating $43.56 million of 2026 cap room.

Cap mechanics and how the deal can grow

Converting salary into a signing bonus is a common mechanism for teams to manage cap charges because the bonus can be prorated, even when a player’s near-term cash does not materially change. This time, the Chiefs paired that approach with added contract years and a top-end value tied to escalators and incentives.

Instead of relying on a single, fully locked-in maximum figure, the ceiling depends on performance-based increases and contract triggers described in the report. It said certain future roster bonuses can become fully guaranteed more than a year before they are due, while base salaries in those seasons would not vest until that league year.

As an example cited, $30 million May 5 roster bonuses in 2030, 2031 and 2032 can lock in early. Base salaries in those seasons would vest later in their respective league years, a structure that can increase a player’s security while giving a club decision points as future cap planning approaches.

Why Mahomes’ restructure matters for Lamar Jackson

The new framework has renewed attention on Baltimore Ravens quarterback Lamar Jackson’s contract timeline, the report said. It said Baltimore did not complete an extension by the start of the 2026 league year on March 11 and instead restructured Jackson’s deal by converting $49.95 million of his $51.25 million 2026 base salary into a signing bonus to create $39.96 million of 2026 cap room, while adding a voiding 2030 year for bonus proration.

The report said the restructure pushed Jackson’s 2027 cap number to $84.34 million, described as the final year of his five-year, $260 million contract signed in 2023. It added that Jackson has two years and $104 million remaining, with a $52 million salary in both 2026 and 2027, plus a no-trade clause and a provision preventing Baltimore from using the franchise or transition tag.

Jackson represents himself and has kept negotiations private, the report said, while indicating he is not pursuing a fully guaranteed contract. It described the most practical window for a potential extension as before veteran players report to training camp on July 28.

Any movement on a Jackson extension would be a key signal of whether the quarterback market shifts again before training camps open.