Chiefs extend Patrick Mahomes contract for a fifth year with massive pay increase

Kansas City Chiefs quarterback Patrick Mahomes (15) celebrates after defeating the San Francisco 49ers in the NFL Super Bowl 54 football game Sunday, Feb. 2, 2020, in Miami Gardens, Fla. (AP Photo/Adam Hunger)

by: Fox 4 Newsroom

Posted: Apr 30, 2020 / 12:09 PM CDT

Updated: Apr 30, 2020 / 04:48 PM CDT

KANSAS CITY, Mo. — The Chiefs have extended Super Bowl MVP Patrick Mahomes’ contract for a fifth year, NFL insider Ian Rapoport tweeted.

The move will keep the star quarterback in Kansas City through at least the 2021-22 season with a massive paycheck increase.

The fifth-year option give teams the ability to extend drafted players’ contracts an extra year. Mahomes was in his third year in the NFL when he led the Chiefs to the Super Bowl LIV victory.

In 2020, Mahomes has a base salary of $850,000, according to sports contract aggregate Spotrac. However, the fifth-year option salary for a top 10 draft pick is priced at the NFL’s transition tag for that athlete’s given position. That means Mahomes will receive $24,837,000 in 2021, nearly 30 times what he will make in 2020.

The #Chiefs have exercised the fifth-year option for star QB Patrick Mahomes, source said. Now under contract through 2021… and the team hopes for much longer. The biggest no-brainer imaginable.
— Ian Rapoport (@RapSheet) April 30, 2020

“Biggest no-brainer imaginable,” Rapoport said on Twitter.

The Chiefs have repeatedly expressed they are hoping to keep Mahomes in Kansas City for the foreseeable future.

Other sports insiders have reported Mahomes may sign a a longer contract with the Chiefs in 2020. It’s expected to be the NFL’s first $200 million contract, which could make the quarterback the first player in history to score $40 million a year.