Patrick Mahomes ‘restructures bumper 10-year, $503M Chiefs contract’ to clear $21M in cap space
- The QB signed a revised deal last year to earn more in the later years of his deal
- The Chiefs now have more flexibility to sign free agents this season
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Patrick Mahomes’ 10-year, $503 million contract with the Chiefs will be restructured to free up $21 million in cap space as it will give Kansas City the flexibility to sign a number of free agents this offseason ahead of the team’s three-peat effort this year. fall.
That’s according to Adam Schefter, from ESPN. Mahomes was expected to write more than $58 million against the cap before the restructuring.
The 28-year-old quarterback has a contract with Kansas City through the 2023 season.
He previously restructured his contract before the start of the 2021 season, and last year signed a revised deal that allocated some money he was set to make at the time to later years of his contract.
The Chiefs recently used their franchise tag on cornerback L’Jarius Sneed for nearly $20 million against their cap.
Chiefs QB Patrick Mahomes, 28, previously restructured his contract before the 2021 season
The Chiefs agreed to a deal with Irv Smith Jr. before the start of free agency
They also signed Chris Jones to an extension, although his new salary will only count for $7.35 million this upcoming season.
Earlier on Tuesday, Kansas City and soon-to-be free agent Irv Smith Jr. agreeing to a one-year deal worth $1.125 million, according to reports, giving Mahomes a veteran tight end behind Travis Kelce.
Blake Bell and Jody Fortson, who backed Kelce, will become free agents, so the Chiefs were looking for someone to work with him in multiple tight ends.
The 25-year-old Smith also makes them younger at a key position in Kansas City’s offense; Kelce will be 35 next season, while Bell will be 33 before Week 1.
The Chiefs also have Noah Gray on the roster. Last season he had 28 catches for 305 yards and two touchdowns.