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Report: Chiefs likely to sign Patrick Mahomes to record extension after NFL Draft

Patrick Mahomes, contract
Robert Deutsch-USA TODAY Sports

Coming off a Super Bowl title, the Kansas City Chiefs have been pretty quiet this offseason with their spending. That is reportedly expected to change following the 2020 NFL Draft, when the Chiefs are expected to sign Patrick Mahomes to a record-breaking contract extension.

According to NFL Network’s Tom Pelissero, the Chiefs are waiting until after the NFL Draft concludes before getting a deal done with Mahomes. The front office wants to see how their roster shakes out and how to best build a dynasty around the reigning Super Bowl LIV MVP.

The Chiefs created cap room on Friday by restructuring Sammy Watkins’ contract. The 26-year-old receiver carried a $21 million cap hit entering the offseason, but the renegotiated deal will lower that to $16 million. The front office will need all the cap space they can create given Mahomes’ remarkable success.

Since being drafted with the No. 10 pick in the 2017 NFL Draft, the 24-year-old has emerged as the best player in the NFL. After winning the NFL MVP award in 2018 following a remarkable season with 50 touchdowns and 5,097 passing yards, Mahomes led the Chiefs to their first title in 50 years this past season.

Mahomes is expected to land an extension that will shatter the market for quarterbacks. Currently, Russell Wilson leads the NFL in average annual salary ($35 million) and his contract carries the league’s second-highest total value ($140 million).

The Chiefs will need to navigate around their tight cap situation given their desire to extend Mahomes and Pro Bowl defensive tackle Chris Jones. While Jones is under the franchise tag for the upcoming season, Kansas City wants to sign him to a long-term deal.