Chiefs restructure Patrick Mahomes’ contract, clear $43M in cap space

Feb. 18 (UPI) — The Kansas City Chiefs restructured veteran quarterback Patrick Mahomes’ contract, clearing more than $43.5 million in salary cap space.

Sources told NFL Network, OverTheCap.com and ESPN about the maneuver Wednesday. The Chiefs converted $44.05 million of Mahomes’ 2026 base salary and his $10.4 million roster bonus into a guaranteed roster bonus to create the space.

Mahomes, who signed a $450 million contract extension in 2020, was to account for $78.214 million against the Chiefs’ salary cap in 2026. With the restructure, he will now account for $34.65 million against the cap.

The Chiefs were more than $50 million over the projected salary cap before the restructure. NFL teams must be salary cap compliant by March 11. The projected salary cap is expected to be between $301.2 and $305.7 million.

Mahomes, 30, is under contract through 2031. The two-time MVP and three-time Super Bowl champion, who missed the final three games of 2025 due to a knee injury, owns the No. 4 passer rating in NFL history, at 100.8. His 285.2 passing yards per game are the most in NFL history.