Patrick Mahomes Contract: Kansas City Chiefs' Quarterback Gets Big Raise After 2020 NFL Season

The Kansas City Chiefs have exercised Patrick Mahomes’ fifth-year option, according to NFL Network’s Ian Rapoport. The Super Bowl MVP is now under contract through the 2021 season and in line to get a significant raise.

As part of his rookie deal, Mahomes will earn an $825,000 base salary with a $5.3 million cap hit for the 2020 season. His salary for the following year will dwarf the $16.4 million he made in the first four years of his career.

Mahomes’ fifth-year option will be worth an estimated $24.837 million, according to Spotrac. Fifteen quarterbacks have an average yearly salary of at least $25 million.

Kansas City might end up signing Mahomes to a long-term extension well before he’s set to hit free agency in 2022. The quarterback is expected to eventually land the largest contract in league history, possibly one that’s worth up to $200 million and pays him $40 million per season.

“Pat is a priority. The way we look at it now, with all that is going on, we’re going to have a lot of time to work with,” Chiefs general manager Brett Veach told reporters a week before the draft.

“Pat and his agents Chris [Cabbott] and Leigh [Steinberg], know that Pat is a priority. Pat isn’t going anywhere, he’s going to be here for a long time.”

Russell Wilson is the NFL’s highest-paid player with a $35 million yearly salary. Matt Ryan’s five-year, $150 million deal is the biggest overall contract.

In just three NFL seasons, Mahomes has cemented his spot as the best player in the entire league. After backing up Alex Smith as a rookie, Mahomes was the 2018 MVP with 50 touchdown passes. The 24-year-old led Kansas City to its first championship in 50 years and won the Super Bowl LIV MVP award.

Mahomes has a 24-7 career regular-season record with 303.6 passing yards per game, 76 passing touchdowns, 18 interceptions and a 108.9 passer rating.

Kansas City is the Super Bowl favorite ahead of the 2020 season.