Patrick Mahomes leaps past Dak Prescott as NFL’s highest-paid QB with record Chiefs extension worth $504.75M

It seemed a bit, let’s say, irregular over the past few years to see NFL quarterbacks who had never won or even played in a Super Bowl surpass Patrick Mahomes as the league’s highest-paid quarterback.

That’s changing starting in 2027.

On Wednesday, Mahomes vaulted over the entire quarterback pack in agreeing to a new contract with a two-year extension that is worth $504.75 million and ties him to the Kansas City Chiefs through the 2033 season. ESPN was first to report the news.

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The deal is not yet signed but has been in the works for weeks between Mahomes’ representatives at Equity Sports and Chiefs general manager Brett Veach and his team.

The extension means Mahomes now has a contract from 2026 to 2033 worth over half a billion dollars over eight seasons. That represents the first NFL contract to climb over the half-billion-dollar mark.

Mahomes can climb as high as $522.25 million if he meets incentives.

And this: When $239.05 million in new money kicks in starting in 2027, Mahomes will be averaging a reported $64 million per season.

That beats the $60 million per year on an annual average basis Dallas Cowboys quarterback Dak Prescott gets as the NFL’s current highest-paid quarterback.

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And it certainly blows away the $45 million per year average Mahomes has been getting since signing his current contract in 2020.

Back then, Mahomes signed a 10-year contract worth $450 million. It made him the highest-paid quarterback in the NFL.

But in the ensuing years, players including Lamar Jackson, Justin Herbert, Brock Purdy, Tua Tagovailoa, Jared Goff, Trevor Lawrence, Josh Allen, Jordan Love and Prescott signed deals worth more on an annual average basis.

And you know how many Super Bowl championships all those higher-paid QBs boast?

Zero.

Mahomes has helped the Chiefs reach five Super Bowls. And they’ve won three.

That alone suggests Mahomes was underpaid while averaging $45 million per season. That, of course, can be debated because Mahomes hasn’t exactly posted career statistics in recent years.

His annual passing yards have declined each of the last three seasons since he posted a career-high 5,250 passing yards in 2022.

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But the statistics are affected by the talent level around him. The Chiefs have had offensive line issues and the wide receiver cast has been in flux and often inconsistent in recent years.

The important thing is whether the Chiefs believe Mahomes to be worthy of a raise. They’ve answered that question.

FOLLOW ARMANDO SALGUERO ON X: @ARMANDOSALGUERO