“Most Lucrative Sports Deal In History” – Staggering Sums Of Money In New NFL Contract

[imagesource: Robert Deutsch / USA TODAY Sports]

It’s been a pretty good year for Kansas City Chiefs quarterback Patrick Mahomes.

Back in February, Mahomes led the Chiefs to a stunning 31-20 come from behind Super Bowl victory over the San Francisco 49ers, having trailed 10-20 at the end of the third quarter.

The 24-year-old cemented his status as an NFL superstar with that performance, being named the MVP, and now he’s just inked what his agent claims is “the most lucrative sports deal in history”.

He made that claim in an Instagram post earlier this morning, South African time:

 

View this post on Instagram

 

Great day today. First half billion dollar player in sports history. Largest contract in sports history. First time NFL player has been the highest paid player in sports history. No trade clause. First time MLB and NBA concepts woven into NFL contract. History made. The DNA of a dynasty is in place in KC. The best part of this first picture is that everyone in it was in our very first picture in Lubbock, TX a little over three and a half years ago. A lot has changed but two things have stayed the same … we’re family always; family forever. 📸: @chiefsphotog

A post shared by Chris Cabott (@chriscabott) on Jul 6, 2020 at 6:58pm PDT

If I was forced to make a rubbish 90s movie reference, I would say Cabott showed Mahomes the money.

Here’s CBS Sports with the details of the contract:

The contract is reportedly the richest deal in NFL history. Also, per Schefter, Mahomes’ 10-year extension is worth $477 million (and can reach up to $503 million) with a $141.48 million injury guarantee.

CBS Sports’ Jason La Canfora reports Mahomes’ 10-year extension will be guided by a mechanism that ensures the quarterback’s annual salary never drops below certain cap thresholds — in other words, it will always be above a certain percentage of the NFL’s salary cap.

That injury guarantee payday is also an incredible piece of work by his agent, given how a career can be cut short at any point, especially in a league as physical as the NFL.

When compared to the other biggest NFL contracts of all time, it really is an outlier:

Yeah, he’s done alright for himself.

To celebrate, Mahomes sent this tweet:

Here to stay. . .! ⏰⏰ pic.twitter.com/mfwMga3Kl0

— Patrick Mahomes II (@PatrickMahomes) July 6, 2020

I would be popping bottles all over the show.

Further details on the makeup of the contract via ESPN:

Mahomes will receive $83 million-plus in signing bonuses from 2021 to ’23 ($21.7 million in ’21, $27.4 million in ’22, $34 million-plus in ’23). Those first three years are fully guaranteed, sources told ESPN’s Jeremy Fowler.

The Chiefs added $25 million in incentives over 10 years for Mahomes. Starting in 2022 and for 10 years running, Mahomes will have a $1.25 million incentive for winning the AFC Championship Game and a $1.25 million incentive for winning NFL MVP, a source told [ESPN’s Adam] Schefter.

With his landmark payout over the next 12 seasons, Mahomes will have the richest valued contract in American professional sports. Mike Trout held that distinction after he signed a 12-year, $426.5 million contract with the Los Angeles Angels in March 2019.

One more time – Mahomes is just 24, and I’m sure his agent reminded everyone involved in negotiations that earlier this year, he became the first quarterback in NFL history to win a league MVP and Super Bowl before turning 25.

Not all mega-money, longterm NFL contracts have worked out well (here’s a rundown of the other massive contracts), but if you’re a fan of Kansas City, you’ll be delighted to lock down the star quarterback for what will be most of his professional career.

For a point of comparison, these are the highest-paid rugby players in the world.

They may have taken up the wrong sport money-wise, but at least with rugby, being crowned world champions actually means beating teams from outside of your own country.

[sources:cbssports&espn]