The Kansas City Chiefs have restructured quarterback Patrick Mahomes’ contract, a source familiar with the decision revealed to The Associated Press on Wednesday, providing the Super Bowl champions with essential salary cap flexibility.
The source, speaking to the AP on the condition of anonymity due to undisclosed financial details, indicated that by restructuring the contract, which originally carried a cap hit of over $58 million for the upcoming season, the Chiefs had generated over $21 million in additional cap space.
This surplus could be allocated towards various needs, such as bolstering the wide receiver corps, securing a new left tackle to safeguard Mahomes’ blind side, or retaining their own free agents.
Mahomes had previously adjusted his 10-year, $450 million contract in 2021 to aid the Chiefs in navigating their financial challenges.
Despite financial constraints, the Chiefs recently inked All-Pro defensive tackle Chris Jones to a lucrative five-year, $158.75 million deal, with $95 million guaranteed in the initial three years. This contract structure ensured a modest $7.35 million cap hit for the current year.
Backup linebacker Drue Tranquill signed a three-year, $19 million extension before the onset of free agency on Wednesday.
The newfound cap space might also facilitate the retention of L’Jarius Sneed, who emerged as one of the NFL’s premier cornerbacks last season. While the Chiefs employed the franchise tag on him, entailing a one-year, $19.8 million pact, initial speculation suggested a potential trade for draft capital and cap relief.
However, with the additional financial flexibility, the Chiefs could opt to retain Sneed at the tag value or explore a long-term contract agreement.
