Patrick Mahomes' NFL Contract Altered, But It's Not a Paycut: Here's What Happened

There are a lot of headlines about Patrick Mahomes‘ NFL contract being altered today, and we’re here to explain it a bit better!

If you don’t know, the 30-year-old quarterback signed a 10-year, $450 million deal with the Chiefs in 2020.

Now, they are adjusting how he’ll be paid.

Keep reading to find out more…

The Kansas City Chiefs restructured Mahomes‘ contract by converting exactly $54.45 million of his 2026 salary into a signing bonus, ESPN reports. Because signing bonuses can be spread out over multiple years for salary cap purposes, this move lowered his 2026 cap hit to $34.65 million.

As a result, the Chiefs actually created $43.65 million in new cap space.

Now, the Chiefs have the option to sign some big players and try and bulk up the roster without worrying as much about their cap space.

And in case you were curious, this is not a paycut for Patrick in any way.

See the highest paid NFL quarterbacks – and Patrick is not number 1!