Report: Chiefs hope to restructure Patrick Mahomes’ contract
The Kansas City Chiefs apparently hope to become the latest NFL team to restructure the contract of a high-priced quarterback to save salary-cap space.
ESPN reported Friday that the Chiefs hope to change Mahomes’ $21.7 million roster bonus to a signing bonus, a maneuver that would result in $17 million of cap savings for the 2021 season.
The accounting shift would allow the team to spread out the cap cost of the bonus money over multiple years.
The Tampa Bay Buccaneers and quarterback Tom Brady similarly agreed to a contract extension Friday that provides the club with additional salary-cap flexibility.
The Chiefs’ tight salary-cap situation was highlighted earlier this week when the team parted ways with starting tackles Mitchell Schwartz and Eric Fisher on the same day.
Mahomes is under contract with the Chiefs through 2031 on a 10-year, $450 million contract he agreed to last summer. He reportedly was guaranteed $103.5 million through this month, including a $63 million bonus paid when he signed. His total injury guarantee was $141 million.
Mahomes, 25, was the 2018 NFL Most Valuable Player, and he led the Chiefs to a Super Bowl championship after the 2019 season. Kansas City got back to the Super Bowl following the 2020 season but fell to Brady and the Buccaneers in the title game last month.
In 2020, Mahomes completed 66.3 percent of his passes for 4,740 yards with 38 touchdown passes and just six interceptions. A three-time Pro Bowl honoree, Mahomes has a 38-8 career regular-season record as a starter, and he has completed 66 percent of his passes for 14,152 yards with 114 TD tosses and 24 interceptions.
–Field Level Media