Is Patrick Mahomes’ new sports contract the most expensive ever?
NFL star needs to stay healthy in order to cash in
NFL star quarterback Patrick Mahomes might have to get a bigger piggy bank.
The 2020 Super Bowl MVP just signed a ten-year, $503 million dollar US contract extension to play with the Kansas City Chiefs.
That’s the largest sports contract of all time — but there’s a catch.
Mahomes has to stay healthy in order to collect all that coin.
Mahomes, star quarterback for the Kansas CIty Chiefs who won the 2020 Super Bowl, now has even more excuses to celebrate. (Image credit: Jamie Squire/Getty Images)
Deal could be cut short
Sports contracts are complicated.
They involve incentives, injury protection, guaranteed base salaries, possible bonuses and more.
Mahomes’s deal outlines a staggered payout over the next 10 years — based on his ability to play.
This means that although Mahomes signed a deal potentially worth more than half a billion US dollars, he might never see that money.
Some sports journalists have compared his contract to a pay-as-you-go model, meaning that if he gets injured and can’t play — he might not get paid.
While on paper, that’s a lot of dollar signs, some have argued that Mahomes’ contract isn’t the richest.
Who makes more?
To compare, baseball centre fielder for the Los Angeles Angels, Mike Trout, signed a contract worth more than $430 million US in March of 2019.
The final figure looks like less than what Mahomes will make, but Trout is guaranteed $430 million dollars US, plus a nice signing bonus of $20 million US.
That's more than what Mahomes is guaranteed to make if he gets injured.
Mike Trout runs the bases with a mask on during the Los Angeles Angels summer workouts earlier in July.(Image Credit: Sean M. Haffey/Getty Images)
According to Sports Illustrated, Mahomes is only truly guaranteed $63 million US upon signing and $140 million US in the event of a career-ending injury.
That makes his guaranteed salary (for now) just $203 million US, far less than Trout’s.
What would you do with the money?
Mahomes may or may not end up having the highest paying contract in sports history.
We’ll have to wait another 10 years to know that for sure.
But if he does manage to collect all that cash, just how much can $503 million US get you?
That’s about $683 million dollars here in Canada.
Let’s break down the cash flow.
Whether he earns the full amount or not, general manager for the Kansas City Chiefs, Brett Veach, said that Mahomes deserves a big contract.
“His abilities are so rare, and to couple that with an incredible personality is outstanding,” Veach said of Mahomes.
TOP IMAGE CREDIT: (Tom Pennington/Getty Images)
BOTTOM GRAPHIC: (Philip Street/CBC)