Patrick Mahomes restructuring contract to free up $21.6M for Chiefs

Patrick Mahomes is doing all he can to make sure the Kansas City Chiefs win a third straight Super Bowl.

On Tuesday, ESPN’s Adam Schefter reported the quarterback will restructure his contract to free up more than $21 million for the Chiefs’ salary cap situation. Patrick Mahomes will be restructuring his contract to create an additional $21.6 million worth of salary-cap space for the Chiefs as they aim to become the first NFL team to three-peat, per league sources. pic.twitter.com/PxpJ5j8ZPj

— Adam Schefter (@AdamSchefter) March 12, 2024 Per Spotrac, prior to the restructure: Mahomes signed a 10-year, $450,000,000 contract with the Kansas City Chiefs, including a $10,000,000 signing bonus, $141,481,905 guaranteed, and an average annual salary of $45,000,000. In 2024, Mahomes will earn a base salary of $9,850,000, a roster bonus of $34,900,000 and a workout bonus of $1,000,000, while carrying a cap hit of $58,608,269 and a dead cap value of $114,146,314.

That contract was restructured in 2023 with a $20.574M signing bonus, $133.7M guaranteed at signing, $208.1M injury guaranteed at signing.
The #Chiefs are restructuring QB Patrick Mahomes’ contract to free salary cap space. This move should get Kansas City out of the red as they were projected to be around seven million over the cap with recent moves. It’ll also allow them to get back involved in free agency after they’ve been relatively quiet in the first two days of legal tampering.