The two-time MVP has entered into a restructured agreement with the Kansas City Chiefs, as reported by NFL Media on Monday. This new deal will align the average annual value of his contract more closely with the earnings of the NFL's highest-paid quarterbacks. According to NFL Media, Mahomes is set to receive $210.6 million for the upcoming four seasons (2023-2026), marking a record-breaking sum for a four-year period. The report also suggests that he has the potential to accumulate up to $218.6 million by the conclusion of his restructured contract in 2026.

Tom Pelissero, "The Chiefs and superstar Patrick Mahomes have agreed to terms on a restructured contract that brings his compensation back in line with other top QBs, sources tell me”

Back in 2020, Mahomes initially inked a 10-year agreement with the Chiefs valued at $477 million, inclusive of an additional $26 million in bonuses, potentially elevating the total worth to $503 million. At the time, this contract set a new standard, but since then, seven other quarterbacks have signed deals featuring higher average annual values than Mahomes. Notably, during the most recent offseason, Joe Burrow, Justin Herbert, Jalen Hurts, and Lamar Jackson all secured record-breaking extensions.

Following Monday's contract extension announcement, Mahomes has now secured an unprecedented $273 million in guaranteed earnings since he first signed his contract in 2020. It has been disclosed that Mahomes and the Chiefs intend to reevaluate the quarterback's contractual status after the 2026 season, effectively converting it into a four-year arrangement.

Since taking over as the Chiefs' starting quarterback in 2018, Mahomes has enjoyed one of the most commanding five-year periods for any QB. In his inaugural season as a starter, he secured the MVP award, becoming just the second player in NFL history to achieve both 50 touchdown passes and 5,000 passing yards in a single season.

During the five seasons in which Mahomes has been the starting quarterback, Kansas City has been the host city for the AFC Championship Game every year. Following a loss to New England in 2018, Mahomes secured victory in the AFC title game in 2019 and went on to claim his inaugural Super Bowl championship against San Francisco. Just five months later, in July 2020, he inked his record-breaking contract extension.

From 2019 to 2021, Mahomes consistently ranked among the NFL's elite quarterbacks statistically. In 2020, he topped the league in passing yards per game with an average of 316, guiding the Chiefs to another Super Bowl appearance, although they ultimately fell to the Buccaneers. In 2021, Mahomes finished in the top five for both passing yards (4,839) and passing touchdowns (37), but the Chiefs were defeated by the Bengals in the AFC Championship Game.

Wendell Ferreira, “52.65M APY in new money for Patrick Mahomes. Still the most team-friendly contract in the NFL.”

It could be argued that Mahomes delivered his most outstanding performance during the 2022 season. He led the NFL in both passing yards with 5,250 and passing touchdowns with 41, narrowly missing out on the top spot in passer rating by just 0.3 points, with a rating of 105.2. Mahomes secured his second MVP award and enhanced his legendary season with a remarkable postseason journey. He avenged the Chiefs' previous loss to the Bengals in the AFC Championship Game and went on to guide the team to another Super Bowl victory, despite battling an ankle injury, by defeating the Eagles.

In a remarkable achievement, Mahomes became the first quarterback since 1999 to secure both the Super Bowl victory and the MVP award in the same season. Furthermore, he etched his name in NFL history by becoming the first player ever to win both the regular season MVP and the Super Bowl MVP, all while leading the league in passing yards and passing touchdowns during the regular season.

Currently, Mahomes is striving to achieve what the Chiefs couldn't manage three years ago: secure back-to-back Super Bowl championships. The last time a team accomplished this feat was in 2003-04 when the Patriots achieved it.

Up until now, the Chiefs have experienced a sluggish beginning to their season. They faced an unexpected defeat in their home opener against the Lions, a game in which Travis Kelce was sidelined due to an injury and Chris Jones was absent due to contract negotiations. However, both players made their return in Week 2, aiding Mahomes in securing a victory over the Jaguars on his birthday. In this rematch of last year's AFC divisional round showdown, Mahomes completed 29 of 41 passes for 305 yards, contributing two touchdowns and one interception.