Record-breaking deal for the star quarterback: Patrick Mahomes and the Kansas City Chiefs have agreed to a contract extension worth a record $504.75 million in the NFL. Mahomes’ agency, Equity Sports, announced the news on Wednesday.

“He’s our QB1, and you’re not getting him.”

That’s how the Kansas City Chiefs announced the spectacular contract extension for their superstar quarterback Patrick Mahomes. The contract, which was already set to run through 2031, was extended by two additional years through 2033, complete with a substantial pay raise. The total value over the next eight years amounts to $504.75 million.

Starting in 2027, Mahomes will earn an average of around $64 million per season. This puts him ahead of Dak Prescott, who broke the $60 million mark in 2024. The contract is fully guaranteed through 2030.

Patrick Mahomes leaves the competition far behind

“Over the past ten years, Patrick has become one of the most iconic and beloved figures in sports,” said Chiefs owner Clark Hunt on “ESPN/NFL Network.” “He has led our franchise to five Super Bowl appearances and three titles, played a key role in shaping the Chiefs brand, and put Kansas City in the global spotlight. Furthermore, he is an outstanding role model in the community. Patrick is an exceptional talent of his generation and a great person. I am very much looking forward to him continuing to lead our team in the future.”

In July 2020, Mahomes signed a then-record contract worth $450 million (plus potential bonus payments of $50 million), tying him to the Chiefs through 2031. The club has restructured the contract multiple times to reduce Mahomes’ salary burden on the team.

With this extension, Mahomes is now under contract for at least three years longer than any other quarterback in the NFL. Including bonuses, the new contract could even total up to $522.25 million—nearly $200 million more than Josh Allen, who holds the second-largest contract by total value at $330 million.