Report: Patrick Mahomes to restructure pact, lessen Chiefs' cap hit

Field Level Media|published: 03/12/2024, 9:25pm EDT

Feb 14, 2024; Kansas City, MO, USA; Kansas City Chiefs quarterback Patrick Mahomes (15) and Donna Kelce celebrate on the bus in the parade during the celebration of the Kansas City Chiefs winning Super Bowl LVIII. credits: Julia Kapros-USA TODAY Sports

Star quarterback Patrick Mahomes plans to restructure his contract with the Kansas City Chiefs, freeing up $21.6 million against the salary cap, ESPN reported Tuesday.

Mahomes, who signed a $450 million contract extension in 2020, would count over $58 million toward the cap without a restructuring.

The seven-year veteran, who is coming off back-to-back Super Bowl victories, has been named the game's MVP three times, and has been the league's MVP twice.

After a slow start to the 2023 season, Mahomes finished with 4,183 yards passing, his second-lowest total since he took over as starter in 2018. He rallied the Chiefs to a 25-22 come-from-behind victory over the San Francisco 49ers in Super Bowl LVIII last month, throwing for 333 yards and two touchdowns with one interception.

—Field Level Media