Patrick Mahomes, Chiefs agree to 10-year contract extension worth up to $503M: report

Mahomes will be tied to Kansas City through the 2031 NFL season

The Kansas City Chiefs have locked in their Super Bowl MVP quarterback for the foreseeable future.

Patrick Mahomes and the Chiefs have agreed to a 10-year contract extension, which will keep him tied to Kansas City through the 2031 NFL season, according to ESPN.

ESPN also reported that the contract is worth up to $503 million in total, making it the richest deal in sports history. The deal includes $477 million in guaranteed mechanisms, and the ability for Mahomes to have outs if guarantee mechanisms aren't exercised. He also has a no-trade clause.

The Chiefs later put out a statement confirming the signing.

“This is a significant moment for our franchise and for the Chiefs Kingdom,” Chiefs Chairman and CEO Clark Hunt said. “Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports. With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform. He’s an extraordinary leader and a credit to the Kansas City community, and I’m delighted that he will be a member of the Chiefs for many years to come.”

Mahomes released a video on Twitter, which showed a number of highlights over his career as a member of the Chiefs so far.

"Here to stay. . .!" Mahomes wrote on the social media site.

The video concluded with: "And We're Staying Together.... For A Long Time. We're Chasing A Dynasty."

The Chiefs traded up to select Mahomes with the No. 10 overall pick in the 2017 draft, and he spent one season behind quarterback Alex Smith before taking over as the starter the following year. Mahomes won the NFL MVP award his first season under center for the Chiefs, and he guided the team to the AFC Championship before falling to the New England Patriots in overtime.

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Mahomes dealt with some nagging injuries last season and missed two games, but he came back to lead the Chiefs to a winning streak that ended with consecutive come-from-behind wins in the playoffs over the Houston Texans and Tennessee Titans, and was the Super Bowl LIV MVP after leading the Chiefs to a 31-20 victory over the San Francisco 49ers.

Here is some of the reaction around the league following Mahomes’ contract extension: