During the heyday of the New England Patriots’ dynasty, quarterback Tom Brady routinely played under his market value so the front office could bolster the rest of the roster.
Patrick Mahomes and the Kansas City Chiefs still have a long way to go before their dynasty is comparable to the Pats', but they have clearly taken that page of the playbook to sustain success.
According to ESPN’s Adam Schefter, Mahomes is restructuring his contract to create $21.6 million in cap space for Kansas City this offseason. This is the second restructuring of his deal in the past six months.
Mahomes inked a10-year, $450 million extensionwith the Chiefsduring the 2020 offseason. The three-time Super Bowl MVP and the teamreworked the deal last Septemberso that Mahomes would make $208.1 million from 2023-26. The details of this latest financial maneuver were immediately unknown. His deal was set to account for $58.6 million against the cap in 2024 prior to the restructure, per Spotrac.
Kansas City entered the offseason with $7,478,547 in cap space, which was 25th in the league.
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The Chiefs unofficially started this free-agent cycle byre-singing defensive tackle Chris Jonesto a five-year deal with $95 million guaranteed. They placed the franchise tag on cornerback L’Jarius Sneed as they try to work out a long-term deal with him.
Several of Mahomes’ peers have done deals in the intervening years that have secured more average annual value than Mahomes’ initial $45 million. According to USA TODAY Sports’ NFL salaries database, Mahomes entered the 2023 seasonranked eighth on the list of top-paid QBs.
FAQs
This time around, the assist comes from quarterback Patrick Mahomes. Per a report from Adam Schefter of ESPN, Kansas City is restructuring Mahomes's contract. In the process, they'll gain $21.6 million in cap relief. Prior to the restructure, Mahomes carried a $9.85M base salary for the 2024 league year.
How much cap space do the Chiefs have after Mahomes' restructure? ›
The Chiefs converted $27 million of quarterback Patrick Mahomes' contract to create $21.6 million worth of salary-cap space, a team source told The Athletic.
How much cap space do the Chiefs have in 2024? ›
Joshua Brisco | May 3, 2024
Later, after most of free agency had come and gone, they traded away franchise-tagged cornerback L'Jarius Sneed. Now, before signing their 2024 draft class, the Chiefs have over $15 million in salary cap space (16th in the NFL) according to Spotrac.
How much cap space do KC Chiefs have? ›
The Kansas City Chiefs have $15.3 million in available cap space according to Over the Cap as of 3/17/2024. The Chiefs have the 22nd-most salary cap space in the NFL as of 3/17/2024.
How much does Patrick Mahomes make per year with endorsem*nts? ›
Quite the opposite, as according to a recent report, Mahomes not only made $45 million in salary last season, but he also another $20 million from his endorsem*nt deals with several brands, including Adidas, Coors Light, State Farm, and Subway, BOSS, T-Mobile & Walmart, amongst others.
How much will Patrick Mahomes make in 2024? ›
His cap hit for 2024 was set at $58.6 million, according to Spotrac. The platform now has his numbers against the cap estimated to be $37 million in 2024, $66.2 million in 2025 and $68.6 million in 2026.
What is Patrick Mahomes' net worth? ›
As of 2024, his net worth is estimated to range from $40 million to $70 million.
Who will the Chiefs cut in 2024? ›
Kansas City Chiefs - Transactions
| Date | Player | Transaction |
|---|
| May 4, 2024 | I. Gathings | Cut |
| May 3, 2024 | C. Christiansen | Cut |
| May 3, 2024 | S. Smith | Cut |
| May 3, 2024 | A. Miller | Cut |
62 more rowsHow much money does Travis Kelce make in a year? Before his other ventures, let's talk about Travis Kelce's NFL salary alone, he is currently on the third year of a four year contract that is worth $57.25 million that secures him an annual $14.3 million per season until 2026.
What picks do the KC Chiefs have in 2024? ›
2024 Draft Picks
- 1 (28): WR Xavier Worthy, Texas.
- 2 (63): T Kingsley Suamataia, BYU.
- 4 (131): TE Jared Wiley, TCU.
- 4 (133): S Jaden Hicks, Washington State.
- 5 (159): C Hunter Nourzad, Penn State.
- 6 (211): CB Kamal Hadden, Tennessee.
- 7 (248): G C.J. Hanson, Holy Cross.
Kansas City Chiefs Salary Cap Calculator
| Season | Total Liabilities | Cap Space |
|---|
| 2024 | $236,549,278 | $15,607,609 |
| 2025 | $246,642,850 | $13,357,150 |
| 2026 | $195,132,054 | $88,867,946 |
| 2027 | $111,985,910 | $202,014,090 |
Travis Kelce
| No. 87 – Kansas City Chiefs |
|---|
| Born: | October 5, 1989 Westlake, Ohio, U.S. |
| Height: | 6 ft 5 in (1.96 m) |
| Weight: | 250 lb (113 kg) |
| Career information |
18 more rowsThey were compensated handsomely. Mr. Mahomes makes roughly $20 million from his endorsem*nt deals, according to Forbes, on top of the more than $50 million paid to him annually by the Chiefs.
What businesses does Patrick Mahomes own? ›
What businesses does Patrick Mahomes own?
- Whataburger. Few things represent the Lone Star State quite as much as a good burger. ...
- Kansas City Royals. As the son of a former MLB player, baseball has always been in Mahomes' DNA. ...
- Sporting KC. ...
- Kansas City Current. ...
- AirShare. ...
- HyperIce. ...
- Whoop.
Q: What is Travis Kelce's net worth? A: As of 2024, Travis Kelce's estimated net worth is around $30 million. His wealth primarily comes from his football career and related endorsem*nts.
How can the Chiefs clear cap space? ›
There are lots of ways to free up salary-cap space -- renegotiating deals, moving money or outright cutting/trading players.
How profitable are the Chiefs? ›
This economic activity supports 5,860 total jobs annually, including a mix of full- and part-time employment. In addition, the Chiefs and the iconic GEHA Field at Arrowhead Stadium generate $28.8 million in direct, indirect and induced tax revenue for the State of Missouri annually.
Who has the biggest NFL contract? ›
1. Patrick Mahomes, Kansas City Chiefs (10 years, $450M) Mahomes laps the field in these rankings with the enormous 10-year pact he signed with the Chiefs prior to the 2020-21 season.
How much is Travis Kelce worth? ›
Q: What is Travis Kelce's net worth? A: As of 2024, Travis Kelce's estimated net worth is around $30 million. His wealth primarily comes from his football career and related endorsem*nts.
