Kansas City Chiefs quarterback Patrick Mahomes is making a strategic move by restructuring his contract, aiming to provide the team with up to $21.6 million in additional funds for the offseason, according to a report by ESPN’s Adam Schefter on Tuesday.
Mahomes, who inked a lucrative 10-year, $450 million deal with the Chiefs back in July 2020, was initially slated to carry a hefty $58.6 million cap hit in 2024. However, this figure is expected to see a significant reduction as the team gears up for its pursuit of a third consecutive Super Bowl victory, a feat that would mark a historic three-peat in NFL history.
The Chiefs wasted no time in bolstering their roster, securing star defensive tackle Chris Jones with a lucrative five-year contract extension worth $158.75 million, which includes a substantial practical guarantee of $95.3 million.
Following this major investment in the 29-year-old defensive powerhouse, Kansas City opted to restructure Mahomes’s contract, thereby creating additional financial flexibility.
Aside from Jones’s contract extension, the Chiefs have been proactive in securing other key players, including tight end Irv Smith Jr., and they also added punter Matt Araiza to their roster in February.
This isn’t the first time Mahomes and Kansas City have adjusted his contract to optimize the team’s financial situation. Last offseason, they reached a similar agreement, resulting in $2.5 million in cap space being freed up.
However, the latest restructuring represents a more substantial move, underscoring the team’s determination to cement its place in NFL history with a remarkable third consecutive championship victory.
