Kansas City and Patrick Mahomes reached a landmark agreement that ties the quarterback to the franchise through 2033. This reworked deal carries a total value of $504.75 million, making it the first contract in NFL history to exceed half a billion dollars. General manager Brett Veach and CEO Chris Cabott finalized the terms Wednesday.

New money worth $239.05 million brings the average annual value to $64 million starting in 2027, a new league record. All money becomes guaranteed through specific contract mechanisms, with the first four years guaranteed at signing. Including previous extensions, the Hunt family has committed $689.05 million to Mahomes since 2022 to sustain their dynasty.

This financial reset comes as Mahomes recovers from a season-ending torn ACL and LCL suffered on Dec. 14, 2025. Despite the surgery, the team expects him to start Week 1 against the Denver Broncos on Monday Night Football. This marks the third time in six years the Chiefs have reset the quarterback market to keep Mahomes paid.

Clark Hunt praised Mahomes for leading the team to five Super Bowl appearances and three titles. While Steve Smith Sr. expressed concerns about the supporting cast, the team is prioritizing the star's presence on the world stage. The deal aligns his pay with a market that has skyrocketed since his $16.4 million rookie contract.