Brett Veach Exercised Patience by Leaving the Patrick Mahomes Deal Alone

In an offseason surprise, Patrick Mahomes’s contract remains untouched. The reason is simple.

Brett Veach hates me.

In actuality, Veach probably does not know I exist, but it really feels like he does hate me after he refused to restructure Patrick Mahomes’s contract this offseason. After all, the contract could easily be restructured every year for many years into the future. In a peek behind the curtain, I even prewrote an article about Mahomes restructuring his contract this year!

Many assumed that the Chiefs would restructure Mahomes, as even other Kansas City Chiefs Chiefs media members with connections to the team assumed it would happen too. So, why did Veach not restructure the contract? The most obvious reason is that he did not need the salary cap space the restructure would provide. Restructuring was a “pull in case money runs out” lever this year.

Feb 28, 2019; Indianapolis, IN, USA; Kansas City Chiefs general manager Brett Veach speaks to the media during the 2019 NFL Combine at the Indianapolis Convention Center. Mandatory Credit: Brian Spurlock-USA TODAY Sports

Veach seemed to be banking on a Frank Clark cut/pay cut and a Tyreek Hill extension (which then became a trade) to make the Chiefs’ initial salary cap space. In reality, Clark’s pay cut got them under the salary cap and the Hill trade gave them all the operating salary cap they needed for the rest of free agency. Sitting at around $17 million in space currently, the Chiefs do not need to restructure the Mahomes contract.

It does make some sense why the Chiefs were not eager to spend money early in free agency with the situations surrounding the top cornerbacks and edge rushers — the two positions they needed heading into free agency.

The two blue-chip cornerbacks on the market seemed to head off for predetermined destinations. J.C. Jackson said he was determined to go play with Dermin James, and Carlton Davis returned to the Tampa Bay Buccaneers after Tom Brady unretired. The premium edge rushers on the market this offseason were 30 years old or above, and Veach did not seem interested in paying them the contracts they ultimately received. If Veach didn't need the money for those free agents, then why dip into the Mahomes money?

The specific circumstances surrounding this offseason's top-dollar free agents are the catalysts for why two weeks after free agency has started, it's very unlikely that the Chiefs will execute the aforementioned restructure. 

Jan 30, 2022; Kansas City, Missouri, USA; Kansas City Chiefs quarterback Patrick Mahomes (15) passes the ball against the Cincinnati Bengals during the second quarter of the AFC Championship Game at GEHA Field at Arrowhead Stadium. Mandatory Credit: Jay Biggerstaff-USA TODAY Sports

The way Veach handled Mahomes’s contract this year should give a clearer view of how he will use it going forward. The contract is not a constant source of salary cap space, but rather a loan the Chiefs will periodically take out of the bank. If Veach has a free agent target at the top of the market in a given year, he will withdraw from the Mahomes contract bank.

This is less aggressive than I — and many others — assumed Veach would use the contract last year. I did not believe the Chiefs would carry Mahomes on a $35M salary cap hit this year. Apparently, they are.

There is a benefit to this, though, albeit small.

While the contract is built as well as an NFL front office could build a quarterback contract, restructuring a deal, by nature, will make it less malleable in the future. When figuring out the Mahomes restructure math last year, the peak amount of prorated money in a single year was $40M. This money is impossible to move around, as it has already been moved once. 

The reason the contract math I laid out could work is that the peak prorated money is in 2027, and restructuring around that prorated money would mean the tertiary money would be an additional $5M. A $45M salary cap hit in 2027 for an elite quarterback is probably going to be well below market value.

In the above math, an uncomfortable trend does manifest itself. That could speak to why Veach was hesitant to be aggressive with Mahomes’s contract restructures. The Chiefs would be forced to restructure every year operating under that principle.

Jan 23, 2022; Kansas City, Missouri, USA; Kansas City Chiefs quarterback Patrick Mahomes (15) looks down the field against the Buffalo Bills during the first half in the AFC Divisional playoff football game at GEHA Field at Arrowhead Stadium. Mandatory Credit: Jay Biggerstaff-USA TODAY Sports

In not restructuring the contract this year, Veach does leave room to breathe. Only $4.3M in proration money per year over the next three years has been added to the contract from last year’s restructure. With plenty of salary cap room still available for the 2023 offseason and Mahomes’s cap hit staying a high, but manageable, $46.5M, the Chiefs are not forced to restructure next year. That idea, not being forced to restructure, might be something Veach values.

Keeping this maneuverability in Mahomes’s contract could be a good thing, as it does pair better with Orlando Brown Jr.’s upcoming extension. Keeping Mahomes’s salary cap hits higher now while Brown is cheap and then restructuring Mahomes when Brown gets more expensive is a solid way to balance the Chiefs’ salary cap and easily eat what will probably be a top-five left tackle contract. The Chiefs can lay in wait for when the NFL cap does explode, and then they would be sitting on a pile of cash in 2024 to seriously build up the roster.

It is a bit sad that Veach will not engage to push the contract he concocted to the limits. However, the Mahomes contract is still excellent for the Chiefs for all the same reasons I outlined last year. The Mahomes contract bank will always be sitting there, waiting, and Veach will certainly pull the trigger if he is seriously interested in a free agent. Sitting on Mahomes’s number this year will let the Chiefs have slightly more flexibility in the future, and it makes sense to do that in an offseason where the team might be looking to the future more than it has with Mahomes so far.

Jan 23, 2022; Kansas City, Missouri, USA; Kansas City Chiefs quarterback Patrick Mahomes (15) celebrates the win against the Buffalo Bills in overtime in the AFC Divisional playoff football game at GEHA Field at Arrowhead Stadium. Mandatory Credit: Denny Medley-USA TODAY Sports

Veach made me look stupid, but I get it.