Patrick Mahomes and the Kansas City Chiefs have agreed to a contract extension with an NFL record total value of $504.75 million, Mahomes’ agency Equity Sports announced Wednesday.

The agreement adds two years to Mahomes’ deal, a league source confirmed to The Athletic, putting him under contract with Kansas City through 2033. ESPN was the first to report the deal.

Mahomes signed a then-record 10-year, $450 million contract (with an additional $50 million available via incentives) in July 2020, putting him under contract through 2031. The Chiefs have restructured the deal multiple times to lower Mahomes’ cap hit, but this is the first time since then that new years or money have been added. Before this extension, Mahomes had slipped to 13th in average annual value among quarterbacks, per Over the Cap.

With the extension, Mahomes will be under contract for at least three years longer than any other quarterback. No other active QB is on a contract longer than six years, and the second-largest total value of a contract behind Mahomes’ new deal is $330 million (Josh Allen).

Chairman and CEO Clark Hunt on Patrick Mahomes’ extension. pic.twitter.com/i4aSQkI4Z4

— Kansas City Chiefs (@Chiefs) June 10, 2026

What this means for the Chiefs

The most significant part is that it continues to link the team to Mahomes for the next eight seasons. The Chiefs certainly see Mahomes not only as a unique player but also as a special leader and person, with Chiefs general manager Brett Veach calling the extension “a landmark deal for a once-in-a-lifetime player.”

Extending this term — and continuing this specific team-player relationship — appears to be a win-win for both quarterback and organization.

One thing this transaction doesn’t do, however, is help the Chiefs with their current tight cap situation. Mahomes’ salary-cap charge for 2026 will remain unchanged, per a league source, with the new money spread out between 2027 and 2033.

OverTheCap currently projects the Chiefs with $5.8 million cap space remaining for 2026 — the third-lowest total in the league. — Jesse Newell

How is Mahomes progressing after mid-December knee surgery?

Mahomes, who had surgery in mid-December for a torn ACL and LCL in his left knee, has participated during installs, individual drills and 7-on-7 during organized team activities and mandatory minicamp the last few weeks. He’s still being held out of team 11-on-11 settings as a precaution, and he told reporters in late May that he wasn’t running or cutting much then, as both would be among his next recovery milestones.

Even when he’s not on the field, Mahomes serves as a critical voice during practices. On Wednesday at minicamp, for example, he jawed at defenders during 7-on-7 drills to turn up the competitiveness on both sides. He also shouted out encouragement to second-year receiver Jalen Royals — “Good catch, 1-1!” — from the sideline after Royals made a standout play during the team portion of practice.

Mahomes has publicly stated a few times that his goal is to return for the Chiefs’ season-opening home game against the Denver Broncos on Sept. 14.

Chiefs general manager Brett Veach, during an interview broadcast to Chiefs fans attending practice Wednesday, described Mahomes as the “ultimate leader.” He lauded the QB for his extensive rehab work, saying that when he showed up to the Chiefs’ facility on a recent Monday, the only other person there was Mahomes.

Coach Andy Reid has also praised Mahomes for his exhaustive rehab effort, and has had a chance to see it firsthand this offseason while recovering from his own knee surgery.

“All I have to be able to do is stand up on the sideline. So (my job is) a little bit easier than what his is,” Reid said with a laugh during the NFL annual meeting in March. “But he’s done a great job of attacking it. I’ve been right there, been able to watch him do it.” — Newell