BALTIMORE, MARYLAND – JANUARY 28: Patrick Mahomes #15 of the Kansas City Chiefs reacts during the fourth quarter against the Baltimore Ravens in the AFC Championship Game at M&T Bank Stadium on January 28, 2024 in Baltimore, Maryland. (Photo by Rob Carr/Getty Images)
The Kansas City Chiefs will reportedly start to work on adjustments for Patrick Mahomes’ contract after Super Bowl 58 against the San Francisco 49ers.
In the 2020 offseason, Mahomes signed a record 10-year contract extension worth $450 million, with the deal carrying a max value of $503 million. But with the Chiefs up against the cap entering the offseason, adjustments are reportedly coming on Mahomes’ deal.
According to Jonathan Jones of CBS Sports, Mahomes 2024 cap hit is currently set at $59.8 million. That will be changed this offseason as the two-time league prepares to help ease his team’s salary cap situation:
“Mahomes and the Chiefs had been working for months to restructure his deal, which had always been the plan within a few years of signing the 2020 extension. In September, the two sides agreed to a restructured deal that moved money around in the existing deal to get an even greater cash flow.
The contract is one that’s meant to be reworked every three or so years, so long as Mahomes continues to play like the best player on the planet. It’s likely that as long as he maintains this level of play, the Chiefs will rework his deal again following the 2026 season.
No matter what the number is, though, the Chiefs are certain to get Mahomes’ cap number lower for 2024 by the start of the new league year in March. A simple contract restructure would save the team roughly $37 million in cap space, and Mahomes would have a cap hit in 2024 in the low 20s.
That would give the Chiefs a little breathing room to re-sign pending free agents like cornerback L’Jarius Sneed or defensive tackle Chris Jones. It would also give Kansas City an opportunity to trade for or sign a wide receiver.”
But first thing’s first: Mahomes and the Chiefs are focused on defending their Super Bowl championship against San Francisco. A win on Sunday would cement the Chiefs as a dynasty, with three titles in five years.
With a victory, the Chiefs would also become the first team to win back to back Super Bowl championships since the 2003 and ’04 New England Patriots.