The Kansas City Chiefs will significantly reduce their salary cap burden in the upcoming season as quarterback Patrick Mahomes has agreed to restructure his contract on Tuesday, March 12.
The reigning Super Bowl MVP's decision will generate an additional $21.6 million in salary cap space for the Chiefs, as reported by NFL insider Adam Schefter of ESPN.
Before the restructuring, the 28-year-old's compensation was slated to count for more than $58.6 million against the Chiefs' salary cap for the 2024 NFL season.
Mahomes' 2024 cap hit will now be reduced to only $37.0 million, giving the team enough financial flexibility to bolster their squad as they aim to win another Super Bowl title.
His future cap hit will amount to $66.2 million in 2025 and $68.6 million in 2026.
Patrick Mahomes has the largest contract in NFL history
In 2020, Mahomes signed a monumental ten-year contract valued at up to $503 million, the biggest pact in NFL history and one of the largest sports contracts ever.
This agreement will keep him with Kansas City through 2031, and since inking that agreement, the signal-caller has been the highest-paid player in the league in terms of total contract value.
The Chiefs are heading into the 2024 NFL season with the goal of making history by becoming the first NFL team to win three consecutive Super Bowl championships.
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