Patrick Mahomes' 10-Year, $503 Million Extension is a Win For Everyone

Patrick Mahomes finally got the big contract extension from the Kansas City Chiefs we all knew was coming for more than a year. All told, Mahomes' new deal could pay him $503 million over 10 years, and includes $477 million in guaranteed mechanisms. This deal is a win for everyone involved, and even a few who aren't.

Mahomes' shiny new contract will be tacked on to the end of the two years he has left on his current pact. That means he's now locked in with the Chiefs for 12 more seasons. He'll be 37 years old when the extension runs out. Assuming there are no renegotiations or catastrophic injuries between now and then, the deal gives both he and the Chiefs loads of security. He will never have to worry about money again and the Chiefs likely won't have to find another franchise quarterback until the 2030s.

While that's a lot of money to give one player, the NFL's salary cap ceiling could explode over the next decade, which would make Mahomes' cap hit far more manageable for Kansas City. And, if Mahomes decides he's underpaid at any point over the next 12 seasons, he has the power of a holdout in his back pocket to force renegotiation. Again, there's zero downside for the Chiefs or Mahomes.

While paying one player an annual average of $50 million a year for 10 years seems crazy, just think of how much money Mahomes will be worth to the franchise over that time. Consider all the merchandise he'll move, and how many extra home playoff games the Chiefs will host because they have a generational quarterback. Think of the tickets that will be sold, the parking fees, the concession sales, etc. Mahomes should more than cover the cost of the new deal.

This contract also benefits plenty of people who aren't involved. Mahomes just shattered the ceiling for quarterback contracts. Sure, guys like Dak Prescott and Deshaun Watson aren't as good as Mahomes, but they can certainly ask for more cash now. While they'll never get an average annual value of $50 million, they may be able to move their demands from, say $30 million to $35 million. In fact, any franchise-caliber player can likely ask for more money. This deal has completely changed the game.

In his two years as a starting quarterback Mahomes has won an MVP and a Super Bowl. After just three seasons in the league he's universally looked upon as one of the greatest to every play the position. He simply does things no one else can and makes them look easy. We're currently experiencing the NFL's version of Wayne Gretzky in 1982 or Michael Jordan in 1988. Everyone watching is fully aware of his greatness and how we'll see his career years from now. It's truly remarkable.

Now, after all he's accomplished in such a short time, Mahomes has become the first half-billion dollar athlete in sports history. And it's great news for everyone.