Super Bowl-winning quarterback Patrick Mahomes has agreed to a historic $500 million contract extension with the Kansas City Chiefs, his agency announced Monday.
Steinberg Sports announced the 10-year, half-billion-dollar deal on Twitter. Mahomes' agreement is worth $503 million, with $477 million in guarantee mechanisms and a no-trade clause.
Mahomes is now "the first half billion dollar player in sports history," according to the agency.
The Chiefs confirmed the blockbuster deal in a statement Monday, with CEO Clark Hunt calling Mahomes "one of the most prolific athletes in all of sports."
"With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform," Hunt said. "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."
The deal to keep Mahomes has been a priority for a long time, Chiefs General Manager Brett Veach said in the statement.
"I've said from the beginning that Patrick is one of the most impressive players I've ever scouted, but I don't think anyone could have envisioned everything he's brought to our football team and community," Veach said. "His abilities are so rare, and to couple that with an incredible personality is outstanding."
Mahomes was named the Most Valuable Player following the Chiefs' Super Bowl win in February, the first championship for the team in 50 years. Mahomes, 24, marshaled his team to overcome a deficit in the second half for a come-from-behind victory.
The Chiefs brought Mahomes on as the 10th overall pick in the 2017 NFL draft, and he went on to win league Most Valuable Player honors in 2018, his first full year as a starter. The Texas native went into the draft after his junior year at Texas Tech University, forgoing his last year of college eligibility.
Chiefs coach Andy Reid called Mahomes one of the most incredible and special athletes he's coached during his time in the NFL.
"The best part is he's still early in his career. He's a natural leader and always grinding, whether that's on the field, in the weight room or watching film, he wants to be the best," Reid said in the team statement Monday. "He's a competitor and his teammates feed off his energy."