Chiefs CEO Clark Hunt on reworking Patrick Mahomes contract: 'One way or another he'll be underpaid'

The value of Mahomes is too great for the Chiefs

Patrick Mahomes is the seventh-highest paid player in the NFL in terms of average annual salary, one year into an eye-popping 10-year, $450 million contract (which he signed in 2020, but 2022 was technically the first year). Thanks to the rise of the salary cap and quarterback contracts inflating to record amounts, the Chiefs are going to have to re-work Mahomes' deal during the life of this contract. 

Mahomes already has an MVP and a Super Bowl title in the life of the deal (one year) -- and is the only quarterback ever to win two Super Bowls and capture two MVPs before the age of 30 (he's just 27). He's a Joe Burrow and Justin Herbert extension away from being the ninth-highest paid quarterback in the league by average annual salary, even if no quarterback has come close to matching his $450 million in total value.

That Mahomes contract is going to be altered, but Chiefs CEO Clark Hunt admits Mahomes will never make what he's truly worth to the franchise. 

"Well, I don't know that there's really a way to quantify it financially and no matter what he makes over his career, I'm sure one way or another he'll be underpaid," Hunt said over the weekend. "The great thing about Patrick (Mahomes) is, when we did that deal, he recognized that he wanted to give the club the flexibility to build the team around him. And that contract was structured in that way."

The Chiefs owe Mahomes a guaranteed salary of $40.45 million in 2023, as the cap number of $49,293,381 is the highest over the life of the deal. Mahomes' salary is guaranteed on the third day of the new league year in future years under the life of the deal, which may be why the Chiefs rework the deal over time to save cap space and keep the championship window open. 

Mahomes joined Brett Favre as the only quarterbacks to win two MVP awards at age 27 or younger, setting a new NFL record for offensive yards in a season (5,614) in year one of the contract. He completed 67.1% of his passes for 5,250 yards with 41 touchdowns to 12 interceptions for a 105.2 passer raring -- leading the league in passing yards and passing touchdowns. 

More importantly, the Chiefs won the Super Bowl: The real barometer of the Mahomes deal being successful. 

"We're only one year in to a 10-year contract, so there's a long way to go but I think what Patrick cared most about was winning and he's certainly been able to do a lot of that," Hunt said. "Brett Veach has had enough flexibility to be able to add quality players each year and that's part of the reason why were able to lift the Lombardi Trophy again."