The NFL's quarterback market continues to get bigger. Each year comes with record-breaking deals that set the bar even higher than before.
While Patrick Mahomes is widely regarded as the league's best quarterback as a three-time Super Bowl MVP at age 28, he won't make the most money at his position in 2024. However, he still holds the record for the largest contract in NFL history.
So, how much is Mahomes' contract worth, and how much will he make this season? How does it stack up against the NFL's best quarterbacks?
Here are the details on how much the Chiefs star makes and the current quarterback market across the league.
MORE: An updated look at the Chiefs' WR depth chart
How much does Patrick Mahomes make?
Mahomes will have a cap hit of just around $37 million in 2024, which is spread out across his base salary, restructure bonus, roster bonus, and workout bonus, per Spotrac.
Over the following three seasons, that cap hit will become around $66 million, $68 million, and $64 million, respectively.
Mahomes signed a 10-year, $450 million extension in 2020 with the Chiefs. However, at the beginning of the 2023 season, his deal was restructured so he would be paid $210.6 million over the next four seasons, which is an NFL record.
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His reworked deal over the remaining eight years of his contract could help Kansas City continue to have more flexibility to build around him in the future. In 2023, Mahomes spoke about the topic, saying he worries "about legacy and winning rings more than making money at this moment."
#Chiefs QB Patrick Mahomes was asked about his contract and how so many other QBs have passed him:
— Ari Meirov (@MySportsUpdate) May 24, 2023
"I worry about legacy and winning rings more than money at this moment."
"I've made enough money where I'll be set for the rest of my life."
(📽️ @Chiefs)pic.twitter.com/NWhfxcSkWr
Patrick Mahomes contract details
Below is a look at Mahomes' cap hits through 2031, per Spotrac.
| Year | Cap hit |
| 2024 | $37,008,269 |
| 2025 | $66,258,269 |
| 2026 | $68,664,888 |
| 2027 | $64,814,888 |
| 2028 | $32,575,000 |
| 2029 | $34,975,000 |
| 2030 | $45,525,000 |
| 2031 | $48,375,000 |
The increased cap hit between 2025-2027 will hold Kansas City back a bit, but once that period ends, the team opens up much more flexibility on its cap sheet.
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Highest-paid QBs in the NFL
Per Over the Cap, here are the highest-paid quarterbacks based on average annual value (AAV) of their current contracts.
| Player | AAV | Team |
| Joe Burrow | $55 million | Bengals |
| Jordan Love | $55 million | Packers |
| Trevor Lawrence | $55 million | Jaguars |
| Tua Tagovailoa | $53.1 million | Dolphins |
| Jared Goff | $53 million | Lions |
| Justin Herbert | $52.5 million | Chargers |
| Lamar Jackson | $52 million | Ravens |
| Jalen Hurts | $51 million | Eagles |
| Kyler Murray | $46.1 million | Cardinals |
| Deshaun Watson | $46 million | Browns |
| Kirk Cousins | $45 million | Falcons |
| Patrick Mahomes | $45 million | Chiefs |
Despite having the largest overall contract in NFL history, Mahomes' AAV ranks below a good chunk of the league's starters.
However, receiving his superstar play while maintaining financial flexibility is a massive win for Kansas City moving forward, especially considering the potential money Mahomes would garner if he hit the open market right now.
