https://www.nfl.com/...se in the deal.
Mahomes will be fully guaranteed $63 million at signing and will have $103.5 million guaranteed by March of 2021 and $141.4 million guaranteed by March of 2022, if he's still on the roster at that point, according to Pelissero. (Feels like a safe bet!) Rapoport added that there is a no-trade clause in the deal.
Russell Wilson's average salary was $35 million; Mahomes' $477 million over 12 years averages $39.5 million. Andrew Luck signed the biggest contract in NFL history back in 2016 for $140 million; now Mahomes will be guaranteed more than that in the first 20 months of his contract.
Over the Cap looks fully updated.
Patrick Mahomes signed a 10 year, $450 million contract extension with the Chiefs on July 6, 2020. The contract has $63.0819 million fully guaranteed at signing including a $10 million signing bonus. $141 million is guaranteed for injury and a total of $477.631 million can become guaranteed based on roster status. The guarantee structure is as follows. Upon signing Mahomes' 2020, 2021, and 2022 salaries are all guaranteed. On the 3rd day of the 2021 league year Mahomes' 2023 salary and bonuses will become fully guaranteed. On the 3rd day of the 2022 league year all of Mahomes 2024 compensation will become fully guaranteed. On the 3rd day of the 2023 league year Mahomes $38.9 million 2025 roster bonus will become guaranteed. On the 3rd day of the 2o24 league year the rest of Mahomes' 2025 salary will become guaranteed. On the 3rd day of the 2025 league year Mahomes $38.9 million 2026 roster bonus will be fully guaranteed. On the 3rd day of the 2026 league year the rest of Mahomes 2026 salary and his $49.4 million 2027 roster bonus become guaranteed. On the 3rd day of the 2027 league year the rest of Mahomes' 2027 salary and his entire 2028 salary and bonuses will become fully guaranteed. On the 3rd day of the 2028 league year Mahomes salary and bonuses in 2029 are guaranteed. On the 3rd day of the 2029 league year Mahomes' 2030 salary and bonuses are guaranteed. On the 3rd day of the 2030 league year Mahomes $13.9 million 2031 roster bonus is guaranteed. Finally on the 3rd day of the 2031 league year the rest of his salary is guaranteed.In every year starting in 2022 Mahomes has incentives that are worth $2.5 million a year. To earn the incentives Mahomes has to win the NFL MVP award ($1.25 million) and the AFC title game ($1.25 million). The max extension value including all incentives is $475 million.
The bold part is the important part as it's a break in the pattern. If I understand this right, then basically, if the Chiefs cut bait after 2024, before the 3rd day of 2025, they will in-fact incur $39.45M in dead money in 2025, or spread out over two years.
Cutting bait after 2024 leaves them with $296.7M in cap savings, and contract dollars Mahomes would never see. It's in a way a 5 year/$183.5M contract. All of it guaranteed. After that, each year pays him for the next year, structured as guaranteed bonus money, a hefty dead money hit will come one day. Or a 2027 restructure/extension, because even seven years from now, I can't see a $60M cap hit being a thing.
I don't think the dead money amounts are accurate yet, because it shows Mahomes dead money in 2023 as $4M. But come the start of 2021, his 2023 "salary and bonuses become guaranteed." which for 2023 is a total $40.45M. Add the prorated $4M from the $10M signing bonus, and 2023's dead money should be $44.45M. But maybe those numbers will be adjusted each league year as the guarantees are triggered.