Patrick Mahomes signed a two-year extension to his deal, keeping him with the Kansas City Chiefs through the 2033 season and netting him $504.75 million.
The deal gives Mahomes an average annual value of $64 million per season, making him the highest-paid quarterback in the league.

What happened?

Mahomes' new deal surpasses Dallas Cowboys quarterback Dak Prescott's $60 million average annual value.
The contract extension was reported by ESPN's Adam Schefter and Ian Rapoport.

Why it matters for Patrick Mahomes

Mahomes' deal will have far-reaching effects on other quarterbacks in the league who will use it as a benchmark.
Lamar Jackson, the two-time NFL MVP, enters another season with his contract situation unresolved.
The Baltimore Ravens and Jackson worked out a new five-year extension in 2023 worth $260 million.
However, the structure of that deal creates complications, with Jackson due to count $84.3 million against the cap in 2027.

What comes next?

Baker Mayfield has been vocal about his current contract situation with the Tampa Bay Buccaneers.
Mayfield is set to become a free agent after the 2026 season and said he would love to stay with the Buccaneers.
But he and the team are not close to agreeing to an extension, with Mayfield adding that he would end contract talks if a deal was not agreed to by the start of training camp.
The Buccaneers' offense struggled last season, mainly due to injuries to wide receivers Mike Evans and Chris Godwin.
Mayfield has thrown for more than 4,000 yards in two of the last three seasons, which coincided with the Buccaneers winning the NFC South.
And Mahomes' new deal raises the possibility that Jackson could earn something close to what Mahomes has.
So the Ravens have an incentive to significantly reduce Jackson's cap hits.
But lingering questions about whether Jackson is capable of winning a Super Bowl will lead critics to question if he deserves that type of money.
Jackson is 29 years old and, with his accolades, should earn a lucrative deal.
He completed 63.6% of his passes for 2,549 yards, 21 touchdowns and seven interceptions in the 2025 season.
The 2025 season was a down year for Jackson, dealing with a hamstring issue and a back contusion that forced him to miss four games.
He also added 349 yards on the ground and two touchdowns.
The contract situation will be closely watched, with Mahomes' deal setting a new standard for NFL quarterbacks.