In order to free up $21 million in cap space and enable Kansas City to reload for their bid to win three straight Super Bowls, Patrick Mahomes “restructures his bumper 10-year, $503MILLION Chiefs contract.”
The Chiefs want to restructure Patrick Mahomes’ massive 10-year, $503 million contract in order to free up $21 million in salary space. This will let Kansas City to sign some free agents this offseason in preparation for their fall three-peat quest.
That’s what ESPN’s Adam Schefter says. Prior to the restructuring, Mahomes was predicted to have more than $58 million against the cap.
The 28-year-old quarterback and Kansas City are bound by an agreement that will last until the 2023–2024 season.
He had already renegotiated his contract before the 2021 season began, and he signed a new agreement last year that moved part of the money he was expected to make to later years of the contract.
L’Jarius Sneed, a cornerback, was just acquired by the Chiefs with their franchise tag, at a cost of nearly $20 million above cap.
Additionally, they locked down Chris Jones to an extension, even though his new pay would only add $7.35 million to their cap for the next campaign.
Irv Smith Jr., a soon-to-be free agent, and Kansas City reached an agreement earlier on Tuesday, reportedly for a one-year, $1.125 million contract. This provides Mahomes with a seasoned tight end to complement Travis Kelce.
The Chiefs were looking for someone to partner with Kelce in multiple tight end sets since Blake Bell and Jody Fortson, who have been supporting him, are poised to become free agents.
At a crucial position in the Kansas City offense, where Kelce will turn 35 next season and Bell will turn 33 before Week 1, Smith, 25, also makes them younger.
Noah Gray, a tight end, is another player on the Chiefs roster. Last season, he recorded 28 receptions for 305 yards and two touchdowns.
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