Patrick Mahomes has reached his massive payday.
The Kansas City Chiefs quarterback agreed to a 10-year contract extension Monday, the team confirmed.
The agreement, which includes a no-trade clause, is worth up to $503 million, with $477 million in guarantee mechanisms, according to Mahomes' agent, Leigh Steinberg. The deal comes with a $140 million injury guarantee as well as opt-out clauses if guarantee mechanisms aren't met, according to ESPN's Adam Schefter.
The pact makes Mahomes the highest-paid player in NFL history and stands as the richest in American team sports. Los Angeles Angels center fielder Mike Trout previously set the bar with his 12-year, $426.5 million deal.
After the Chiefs exercised his fifth-year option in April, the signal caller had two years and $27.6 million left on his existing deal — $2.8M this year and $24.8M in 2021, Schefter reported.
The extension ties Mahomes to the organization through the 2031 season.
"We’re staying together for a long time," Mahomes wrote in a message that was part of a one-minute highlight montage he posted on social media Monday afternoon.
"We’re chasing a dynasty," he concluded.
Mahomes is now signed to a contract five years longer than any other NFL player.
"Pat isn’t going anywhere," Chiefs general manager Brett Veach told the Kansas City Star earlier this year, discussing the team’s efforts and desire to sign its superstar to a long-term deal. "He’s going to be here for a long time."
At 24, Mahomes has already established himself in the NFL's elite tier of passers. In his first year as a starter in 2018, he threw for 50 touchdowns and earned NFL MVP honors. Last season, he led the Chiefs to their first title in 50 years and was named Super Bowl 54 MVP.
He is the youngest player in league history to win a Super Bowl and league MVP. Former Dallas Cowboys running back Emmitt Smith is the only other player to notch both achievements before turning 25.
Mahomes is one of the few players to agree to a contract extension this offseason amid the possibility of a reduced salary cap next year should the coronavirus pandemic force the NFL to either cancel games or bar fans from attending contests.
"I want to be a Chief for a long time," Mahomes said in May during a Zoom call with reporters, according to the Star. "I want to have a contract that says that and I can go out there and know I have that security and everything like that. I understand and trust the Chiefs organization and everybody in it that they're going to handle it the right way."
"Whenever that happens, it happens," Mahomes added on that call about a new deal. "But I'm going to focus on being the best football player I can be every single day."