Mahomes is already under contract with the Chiefs for the next two years, so the 10-year extension will tie him up with the team until he is 36. Mahomes’s agency, Steinberg Sports, tweeted that the deal is worth up to $503m with $477m in guarantee mechanisms.
The 24-year old was the youngest ever player to be named Super Bowl MVP when he led the Chiefs to their first NFL championship in 50 years with a comeback victory over the San Francisco 49ers in February.
“Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports,” Chiefs chairman Clark Hunt said in a statement.
“With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform. He’s an extraordinary leader and a credit to the Kansas City community, and I’m delighted that he will be a member of the Chiefs for many years to come.”