Super Bowl MVP Patrick Mahomes Get 10-Year Extension for $503 Million
It seems that the Kansas City Chiefs are quite desperate to make sure that they have Patrick Mahomes, Super Bowl MVP for as long as possible. So, he agreed to stay back for ten more years against the price of $503 million. Steinberg Sports, Mahomes agency confirms that the deal is of $477 million in guarantee mechanism, and comes along with certain clauses. It includes opt-out and no-trade clauses if the guarantee mechanisms are not satisfied. As per records, this is the most expensive contract in the history of sports. The contract that follows in the second rank is the one between Los Angeles Angels and Mike Trout at $426.5.
According to Clark Hunt, the chief chairman of Kansas City, Patrick is now a fantastic athlete and an expert who knows a lot about sports. He has also credited with the fact that the team won their first championship in 50 years under Mahomes’ guidance. According to Hunt, the dynamism of Mahomes, along with his charming personality makes him the perfect person to be awarded the position of the chief.
He is not only a brilliant leader but an asset to the Kansas City Group. So, it is a moment of happiness for everyone to declare officially that Patrick Holmes will be a member of the Chiefs bench for years to come. On the other hand, the chiefs were under an NFL MVP contract, which is no more enough. After the deal and official announcement, Mahomes took to his Twitter account and posted a picture with a caption that says that he is there to stay!
Patrick Holmes is an asset for the team
The extension of the contract will start in 2022, and then the salary cap will be around $227.5 million. However, there are high chances that the figure may go down due to the losses that may accumulate due to the pandemic. Besides, the games may run into a loss due to empty stands and no viewers who want to buy passes. Despite everything, Patrick Mahomes will occupy a massive chunk of the salary cap, say around 20%. It all depends on the final cap figures and the yearly contract breakdown. As a result, the bench of chiefs will have a tough time figuring out how they can manage the revenue of some of the star players under their contract.
There is news that the existing bench of chiefs in the Kansas City community has decided on their fifth-year option back in April. Patrick will make around $825,000 by the end of the rookie contract in the current season. On top of it, Brett Veach thanks Leigh Steinburg and Chris Cabott, managers of Mahomes. According to Veach, they were wanting to finalize the contract for quite a while now. He says that Patrick has outstanding abilities, and so combining his skills with his excellent personalities gives out a rare output. So, the Kansas team is trying to utilize Patrick as much as possible to make the best of his time there.