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

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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 surpassPatrick Mahomesas 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 theKansas City Chiefsthrough the 2033 season.ESPN was first to report the news.

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Patrick Mahomes walking off the field after an NFL game in Kansas City

Kansas City Chiefs quarterback Patrick Mahomes walks off the field after an NFL game against the Las Vegas Raiders in Kansas City, Mo., on Oct.19, 2025.(Reed Hoffmann/AP)

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.

Kansas City Chiefs quarterback Patrick Mahomes taking off his helmet on the field

Kansas City Chiefs quarterback Patrick Mahomes takes off his helmet after defeating the Buffalo Bills during the AFC Championship game at GEHA Field at Arrowhead Stadium in Kansas City, Mo., on Jan.26, 2025.(Mark J.Rebilas/Imagn Images)

That beats the $60 million per year on an annual average basis Dallas Cowboys quarterbackDak Prescottgets 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 includingLamar 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.

Patrick Mahomes being interviewed by Netflix reporter Stacey Dales at Acrisure Stadium

Kansas City Chiefs quarterback Patrick Mahomes is interviewed by Netflix reporter Stacey Dales after a win against the Pittsburgh Steelers at Acrisure Stadium in Pittsburgh, Pennsylvania, on Dec.25, 2024.(Barry Reeger-Imagn Images)

Mahomes has helped the Chiefs reach five Super Bowls.And they’vewon 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.

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Armando Salguero is OutKick’s Senior NFL Writer.