The Kansas City Chiefs just handed down the largest contract in NFL history, giving quarterback Patrick Mahomes a 10-year contract worth $450 million and up to nearly $503 million with incentives. It was a negotiation both the Baltimore Ravens and quarterback Lamar Jackson had to be keeping a close eye on, and one that now has to make Jackson very excited about the 2020 season.
Though Jackson has previously said he’s annoyed by the comparisons to Mahomes, he’s followed in his footsteps about as close as possible. In their first season as full-time starters, both Mahomes and Jackson led the league in touchdown passes, earning NFL MVP awards and making them the cover athletes for the “Madden” video game franchise. Time will tell if Jackson can continue to follow Mahomes’ career path, winning a Super Bowl the following season after the MVP award. But if he does, Jackson has a legitimate shot at earning even more money and potentially pushing quarterback contracts firmly over the half-billion-dollar mark.
While the numbers sound crazy, it’s actually a deal that works out well for both the Chiefs and Mahomes when looking at the breakdown NFL Network’s Tom Pelissero posted and Over The Cap broke down.
Here's a breakdown of the cash flow on Patrick Mahomes' new contract with the #Chiefs. It'll take more than one tweet to fully explain, but the bonuses have varying vesting dates that paint a fuller picture of how the deal works. pic.twitter.com/LepwqYMT0K
— Tom Pelissero (@TomPelissero) July 6, 2020
The deal effectively locks Mahomes up through 2022 while keeping his 2020 cap hit at a ridiculously low $5.35 million. In total, the first three seasons will see Mahomes have an average cap hit of just $20.53 million a year. Beyond 2022, the contract becomes a year-by-year deal when Kansas City can cut Mahomes and free up a ton of cap space as most of the deal is locked up in roster bonuses and other non-guaranteed money.
It’s a deal that could provide the framework for Baltimore and Jackson as early as next offseason following his third season in the league. And there’s plenty of reason for the Ravens to want to jump on signing him earlier rather than later when the expected explosion in the salary cap could force them to pay Jackson significantly more per year on average. Both Dak Prescott and Deshaun Watson are also up for new contracts and those deals could further cement a higher price tag for Baltimore when it comes to Jackson.
Either way you slice it, Kansas City making Mahomes the highest-paid player in the league puts the pressure on the Ravens with Jackson. And it’s easy to see how a similarly structured deal in another year or two could see Jackson become the NFL’s first true half-billion-dollar man.
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