Patrick Mahomes contract breakdown: How much money does Chiefs QB make in 2024 salary?

The Chiefs selected former Texas Tech quarterback Patrick Mahomes in the 2017 NFL Draft, moving up to the No. 10 overall pick in what has easily gone down as one of the franchise’s best decisions in recent history.

Mahomes is largely considered to be the best quarterback — and one of the best players — in the league, as he holds a large list of accomplishments well under a decade into his career, including two Super Bowl rings, two Super Bowl MVP trophies, two league MVP awards, two All-Pro selections, and six Pro Bowl nods.

With the upcoming AFC championship game matchup against the Ravens on the horizon, Mahomes has a chance to add to his list of accolades in a big way.

It’s because of all of this that Mahomes is the highest-paid quarterback in the league. Here’s a look into everything to know about his salary and contract details.

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Patrick Mahomes contract details

During the summer of 2020, Mahomes signed a 10-year, $450 million contract that made him the highest-paid player in NFL history.

Mahomes is set to make an average of $45 million per season as a part of his contract and will have a cap hit of no less than $41.95 million in each season through 2031. 

According to Spotrac, Mahomes will earn a base salary of $8,600,000, a roster bonus of $34,900,000, and a workout bonus of $1,000,000 while carrying a cap hit of $57,358,269 and a dead cap value of $114,146,314.

Below is a breakdown of his contract, including his base salary, bonuses, and cap hit, per Spotrac.com.

Year Base salary Total bonuses Cap hit
2022 $1,500,000 $34,293,381 $35,793,381
2023 $5,500,000 $41,293,381 $46,793,381
2024 $2,500,000 $41,793,381 $44,293,381
2025 $2,500,000 $43,793,381 $46,293,381
2026 $2,500,000 $39,450,000 $41,950,000
2027 $10,000,000 $49,950,000 $59,950,000
2028 $13,000,000 $31,450,000 $44,450,000
2029 $20,500,000 $24,450,000 $44,950,000
2030 $27,000,000 $23,450,000 $50,450,000
2031 $38,000,000 $14,450,000 $52,450,000

Patrick Mahomes career earnings.

Mahomes has the highest contract value in the league among all positions in 2024, with quarterbacks Joe Burrow, Justin Herbert, Lamar Jackson, and Josh Allen directly trailing him.

Here’s a look at the NFL’s highest-paid quarterbacks by contract value, according to Spotrac.com.

Rank Player Value
1 Patrick Mahomes $450,000,000
2 Joe Burrow $275,000,000
3 Justin Herbert $262,500,000
4 Lamar Jackson $260,000,000
5 Josh Allen $258,034,000

Where average annual value (AAV) is concerned, though, Mahomes does not even sit in the top five.

Here is a look at the top 10 quarterbacks in average annual value, according to Spotrac.

Rank Player AAV
1 Joe Burrow $55,000,000
2 Justin Herbert $52,500,000
3 Lamar Jackson $52,000,000
4 Jalen Hurts $51,000,000
5 Russell Wilson $48,517,647
6 Kyler Murray $46,100,000
7 Deshaun Watson $46,000,000
8 Patrick Mahomes $45,000,000
9 Josh Allen $43,005,667
10 Dak Prescott $40,000,000

Patrick Mahomes net worth

According to Celebrity Net Worth, Mahomes’ net worth is $70 million

Outside of taking the field for the Chiefs, the most obvious thing driving his income, Mahomes has invested in several sports teams, including the MLB’s Royals, MLS’ Sporting Kansas City, NWSL’s Kansas City Current, and a professional pickleball team in Miami. He’s also made investments in outside companies, including Whataburger franchises, in 2021.

The Kansas City signal-caller also made upwards of $20 million from endorsements in 2022, including deals with Adidas, State Farm, Oakley, Nestlé, and DirectTV, among others.

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