Patrick Mahomes contract restructure explained How new deal with Chiefs changes salary guaranteed money

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Patrick Mahomes contract restructure explained How new deal with Chiefs changes salary guaranteed money

The Chiefs are doing all they can to make sure Patrick Mahomes is happy.The two-time Super Bowl champion agreed to a restructured contract on Monday, shuffling money around to become one of the NFL's highest Harrison Hand Jersey -paid quarterbacks.Mahomes was already making $45 million annually after signing a ma sive contract extension in 2020, but as time went on, quarterbacks began to pa s his average annual salary. This past offseason alone saw Jalen Hurts, Lamar Jackson, Justin Herbert and Joe Burrow all agree to record-setting deals.Mahomes was asked in May whether he would explore renegotiating his contract, but he at the time. "I worry about legacy and winning rings more than making money at this moment," he said, explaining that he's made enough money to be set long-term.At the same time, Mahomes added that he was mindful of raising the bar for other quarterback contracts. This new deal doesn't quite raise the ceiling, but it does add Mahomes to the growing list of $50 million K.J. Osborn Jersey men at the quarterback position.MORE: Here are the details on Mahomes' restructured contract and where it places among all NFL quarterbacks.According to ESPN's Adam Schefter, Mahomes' restructured contract will pay him $210.6 million between 2023 and 2026. That makes his average annual salary $52.65 million, second among all quarterbacks behind only Joe Burrow's $55 million. The entire $210.6 million is guaranteed, and the deal can be worth $218.1 million with incentives.Additionally, the Chiefs plan to revisit the contract after 2026. While Mahomes' deal technically still runs through 2031, money from those later years has shifted up into the next four years, so the two-time MVP will effectively need a new contract once these four years are up if he wants to remain among the highest-paid at his position.The Chiefs and Patrick Mahomes have restructured his agreement, giving him $210.6 million between 2023 and 2026, the most money in NFL history over a four season span. His compensation for those years is now guaranteed. Also, the Chiefs and Mahomes plan to re-visit the agreement Adam Schefter (@AdamSchefter) Mahomes signed a 10-year, $450 million extension in 2020, a ma sive figure but ultimately a team-friendly deal. With backloaded salaries and le s than half of the deal guaranteed, the Chiefs gave themselves plenty of flexibility.As it would turn out, even the John Randle Jersey gaudy $45 million average annual salary wouldn't last long as the going rate for elite quarterbacks. A handful of quarterbacks have since pa sed Mahomes' $45 million, but this new agreement puts the 28-year-old right back near the top of the list.While Mahomes publicly shot down the idea that he was unhappy with his contract, he had all of the leverage to negotiate a raise.Mahomes entered Monday as the NFL's eighth-highest-paid quarterback, which of course was a bargain for a player who is unquestionably at the pinnacle of the sport. With two MVPs, two Super Bowl wins, and five consecutive AFC championship game appearances under his belt all before he turned 28, Mahomes' importance to the Chiefs couldn't be clearer.Evidently, Kansas City agrees.MORE: The deal benefits Mahomes in multiple ways. He is now guaranteed to make $210.6 million over the next four seasons while still positioning himself to cash in again after the 2026 season. By then, the NFL's quarterback market will presumably be even more inflated.Had Mahomes played out his current deal, he would likely have dropped out of the top 10 highest-paid quarterbacks and not have a chance to sign a new deal for eight more years. With a meaningful raise and added flexibility, Mahomes' new agreement is more in line with other top-tier quarterbacks.Mahomes will make an average Patrick Peterson Jersey salary of $52.65 million per year as part of his restructured deal. Mahomes' previous extension was worth $45 million annually, which placed him eighth among all quarterbacks. He now ranks second overall league-wide behind only Joe Burrow ($55 million). estimates Mahomes' net worth as $70 million.It's tough to gauge the exact net worth of an individual who is actively making tens of millions of dollars each year, particularly with Mahomes also profiting off of endorsement deals, but his net worth will likely continue to skyrocket in the years ahead after agreeing to a restructured contract.Mahomes summed it up well in May, telling reporters,"I've made enough money where I'll be set for the rest of my life."Mahomes' new deal makes him the NFL's second-highest-paid player behind only Burrow.RankPlayerAAV1Joe Burrow$55 million2Patrick Mahomes$52.65 million3Justin Herbert$52.5 million4Lamar Jackson$52 million5Jalen Hurts$51 million6Ru sell Wilson$48.5 million7Kyler Murray$46.1 million8Deshaun Watson$46 million9Josh Allen$43 million10Dak Prescott$40 millionDaniel Jones$40 millionMatthew Stafford$40 millionThe 15 in football are all quarterbacks. 49ers Cameron Dantzler Jersey DE Nick Bosa, who recentlysigned an extension that pays him $34 million per year, is the league's highest-paid non-quarterback.
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