On July 6, NFL Kansas City Chiefs quarterback Patrick Mahomes inked a new 10-year contract worth nearly a half-billion dollars. A "half-billion" is kind of vague—to be exact: Mahomes has signed on for a $477 million contract and could earn up to $503 million in the end.
According to Mahomes' agent Chris Cabott, this is the biggest deal in the history of professional sports, not just pro football.
Cabott posted a photo of himself with Mahomes and others on Instagram and captioned it, "Great day today. First half billion dollar player in sports history. Largest contract in sports history. First time NFL player has been the highest paid player in sports history. No trade clause. First time MLB and NBA concepts woven into NFL contract. History made. The DNA of a dynasty is in place in KC..."
In a tweet, ESPN Senior NFL Insider Adam Schefter first reported the deal Monday afternoon.
He confirmed in a followup that yes, it is "the largest contract not just in NFL history, but in sports history."
In their press release about the deal, Chiefs General Manager Brett Veach said that "Getting this deal done has been a priority for us for quite a while now."
Chiefs Head Coach Andy Reid was down with the deal as well. From the press release:
"I've had the privilege of coaching a lot of incredible athletes and special people in my career, and Patrick is without question on that list of players." Chiefs Head Coach Andy Reid said.
"The best part is he's still early in his career. He's a natural leader and always grinding, whether that's on the field, in the weight room or watching film, he wants to be the best. He's a competitor and his teammates feed off his energy. He makes us all better as an organization and we are blessed he's going to be our quarterback for years to come."
Adam Schefter broke down the numbers in a tweet, stating that beginning "in 2022, and for 10 years running, Patrick Mahomes" will earn $1.25 million if he wins the "AFC Championship game and a $1.25 million incentive for winning NFL MVP, per source."
"That’s $25M of incentives over 10 years," Schefter concluded, which will be what could bump Mahomes' deal up to $503 million.
The Chiefs brought former Texas Tech QB Mahomes on in 2017 as a tenth pick in the first round of the NFL draft.
For his part, Mahomes first acknowledged his good fortune by tweeting a video retrospective of his time with the Chiefs so far with the simple caption, "Here to stay."