As a three-time Super Bowl champion, three-time Super Bowl MVP, and two-time NFL MVP, Patrick Mahomes has an incredible résumé, especially considering he’s only 29 years old.
Even if he never played another down, Mahomes would go down as an all-time great and future Hall of Famer even without finishing his seventh season as a starter. While Mahomes has dominated on the field, he’s also doing incredibly well for himself off it. Let’s examine the Kansas City Chiefs quarterback’s contract, salary, and net worth.
What Is Patrick Mahomes’ Current Contract and Salary?
In 2020, Mahomes and the Chiefs made headlines after inking a record-breaking 10-year contract extension worth $450 million.
The length and structure of Mahomes’ contract differ from anything previously seen in the NFL. His contract contains rolling guarantees that make it nearly impossible for the Chiefs to cut him in the future without taking on massive amounts of dead money.
In terms of total value, Mahomes is by far the highest-paid QB in the NFL. However, the deal is team-friendly in some ways.
Kansas City gained cost certainty and locked in Mahomes at $45 million annually. While this sounds like a lot of money, Mahomes is tied with Kirk Cousins as the 12th-highest-paid quarterback in the NFL in terms of average annual value, per Spotrac.
Mahomes is earning less annually than Deshaun Watson ($46 million), Kyler Murray ($46.1 million), Jalen Hurts ($51 million), Lamar Jackson ($52 million), Justin Herbert ($52.5 million), Jared Goff ($53 million), Tua Tagovailoa ($53.1 million), Trevor Lawrence ($55 million), Jordan Love ($55 million), Joe Burrow ($55 million), and Dak Prescott ($60 million). And Mahomes’ cash flow — just $116 million through the first three years — trailed most other recent quarterback contracts.
The Chiefs gave Mahomes a revised contract in September 2023 that moved money into the near term. The reworked deal essentially allowed him to collect $48 million annually from 2023-2026, added two void years, and tweaked the two-time MVP’s incentive structure.
While it’s wild to think that some quarterbacks are earning $15 million more annually than Mahomes, the trade-off is that he has a ton of guaranteed money and long-term security.
Also, Mahomes wanted to take less money so the Chiefs could continue to surround him with an excellent supporting cast going forward.
“It’s just constant communication,” Mahomes said after he restructured his deal. “Between me, my people, the front office, Clark Hunt, [and] Coach Reid to find the right spot where I can get paid, keep the quarterback market going, and, at the same time, keep a lot of great dudes around me and keep cap space for other guys to get signed as well.
“That’ll be something I do throughout my entire career. To make money for myself and my family, but to keep a lot of great players around me as well.”
What Is Mahomes’ Net Worth and Career Earnings?
Mahomes’ net worth is estimated to be $90 million, but this feels low. The superstar quarterback has totaled $182,004,472 in career earnings from his NFL contracts alone, which ranks 11th among all active players.
Mahomes projects to finally crack the top 10 in career earnings in 2025. In fact, he’s on pace to become the NFL’s highest career earner by 2030. But in addition to his NFL contracts, Mahomes is making a lot of money from endorsement deals and business ventures.
The Kansas City QB has partnered with Hunt’s Ketchup, Essentia Water, Hy-Vee, State Farm, Oakley, DirectTV, Adidas, Head & Shoulders, Subway, Coors Light, Nestle, EA Sports, Walmart, T-Mobile, Airshare, Boss, Procter & Gamble, among others.
Mahomes’ endorsements earn him an estimated $7 million each year.
The Texas native is also a shrewd investor. In 2020, he became a minority stakeholder in the Kansas City Royals, announcing his entry into sports ownership. Then, Mahomes also invested in the Kansas City Current of the NWSL and the Formula 1 team, Alpine.
Mahomes also joined high-profile athletes like Kevin Durant and Eli Manning in investing in Whoop, a tech company known for its wearable fitness devices. He’s also put money into Hyperice and Whataburger, among other companies.
It’s safe to say that Mahomes is succeeding on and off the field.
