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'First $500m player': Patrick Mahomes signs richest deal in sports history

associated press
·4-min read
Patrick Mahomes, pictured here with the Lamar Hunt trophy after winning the AFC Championship Game in 2019.
Patrick Mahomes holds up the Lamar Hunt trophy after winning the AFC Championship Game in 2019. (Photo by Tom Pennington/Getty Images)

NFL star Patrick Mahomes has signed the richest contract in sports history, agreeing to a long-term extension with the Kansas City Chiefs worth $503 million ($A721 million).

The Chiefs wanted to make sure they kept their Super Bowl MVP around as long as possible, and now they have him under contract through 2031 in what Chiefs chairman Clark Hunt calls a “significant moment.”

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Mahomes’ agency Steinberg Sports tweeted that the deal is worth US$503 million, including $477 million in guarantee mechanisms.

“Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports,” Hunt said in a statement about the quarterback who led them to their first championship in 50 years.

“With his dynamic play and infectious personality, he is one of the most recognised and beloved figures to put on the Chiefs uniform.

“He’s an extraordinary leader and a credit to the Kansas City community, and I’m delighted that he will be a member of the Chiefs for many years to come.”

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The Chiefs had the 2018 NFL MVP under contract for the next two seasons but that wasn't nearly enough.

“Here to stay,” Mahomes wrote on Twitter.

Mahomes becomes first half-billion dollar man

Baseball star Mike Trout held the previous record after signing a 12-year, $426 million deal in 2019.

The Chiefs already had picked up their fifth-year option in April on Mahomes, who had been due to make $825,000 on the final year of his rookie contract this season, to keep him around at least through 2021. Now this extension will keep him under contract through the 2031 season.

Mahomes threw touchdown passes on consecutive fourth-quarter drives in rallying the Chiefs to their first Super Bowl title in 50 years and the first for coach Andy Reid.

That Super Bowl comeback performance earned Mahomes the MVP award and only cemented his status as the face of the Kansas City franchise.

The Chiefs traded up to select him 10th overall in the 2017 draft, and he spent one season learning the ropes under Alex Smith before getting the starting job.

Mahomes proceeded to shatter just about every franchise passing record while winning the league MVP award, and he had the Chiefs within overtime of landing in the Super Bowl that season.

He also was The Associated Press NFL Offensive Player of the Year.

Mahomes dealt with numerous injuries this past season, including a dislocated kneecap on a seemingly innocent quarterback sneak that left him sidelined for a couple of games.

He came back to lead the Chiefs to a long winning streak that culminated with a series of come-from-behind wins in the playoffs, including their second-half rally in the Super Bowl.

He is 24-7 as a starter, completing 65.9% of his passes with 76 touchdowns and only 18 interceptions. Mahomes is 724 of 1,099 for 9,412 yards passing averaging 303.6 yards per game with a 108.9 career quarterback rating.

With Yahoo Sports staff