Chiefs Restructure Patrick Mahomes’s Contract to Create Cap Space

The quarterback signed a 10-year, $450 million deal with the team back in 2020.
Chiefs Restructure Patrick Mahomes’s Contract to Create Cap Space
Chiefs Restructure Patrick Mahomes’s Contract to Create Cap Space /
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The Chiefs have restructured the contract of quarterback Patrick Mahomes by converting $12 million of his roster bonus into a signing bonus, per ESPN’S Field Yates.

This conversion frees up $9.6 million of cap space as the 2023 league year begins.

The $12 million figure represents a little more than one-third of Mahomes’s roster bonus, which is worth $34.4 million. Kansas City could’ve converted more money, as Mahomes’s cap hit is $49.293 million, but the team chose to create just shy of $10 million in cap space as the free agency period began Wednesday.

Mahomes signed a record-setting 10-year, $450 million deal ahead of the 2020 season. In the contract, the Chiefs and Mahomes agreed on the annual option for the restructuring the pact.

The 27-year-old quarterback finished the 2022 season on top with a Super Bowl LVII title and the NFL MVP honor, which was his second time achieving those feats in his career. 


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Madison Williams
MADISON WILLIAMS

Madison Williams is a staff writer on the Breaking and Trending News team at Sports Illustrated, where she specializes in tennis but covers a wide range of sports from a national perspective. Before joining SI in 2022, Williams worked at The Sporting News. Having graduated from Augustana College, she completed a master’s in sports media at Northwestern University. She is a dog mom and an avid reader.