Patrick Mahomes, Chiefs Reworking Contract: Report

The Kansas City Chiefs will reportedly be restructuring quarterback Patrick Mahomes' contract in order to create an additional $21.6 million in cap space, league sources with knowledge of the negotiations confirmed to ESPN's Adam Schefter on Tuesday (March 12).

Mahomes was set to earn a base salary of $9,850,000, a roster bonus of $34,900,000 million and a workout bonus of $1 million, while carrying a cap hit of $58,608,269 and a dead cap value of $114,146,314, according to USA TODAY. The 28-year-old is just one month removed from leading the Chiefs to back-to-back Super Bowl wins -- the first team to do so since the 2004 New England Patriots -- and their third in five year.

"Patrick Mahomes will be restructuring his contract to create an additional $21.6 million worth of salary-cap space for the Chiefs as they aim to become the first NFL team to three-peat, per league sources," Schefter wrote on his X account.

Kansas City will aim to become the first team in NFL history to win three consecutive Super Bowls in 2024. Mahomes threw for 333 yards, two touchdowns and one interception on 34 of 47 passing in the Chiefs' Super Bowl LVIII win against the San Francisco 49ers last month.

The three-time Super Bowl NFL MVP threw for 1,051 yards, six touchdowns and one interception on 104 of 149 passing in four games this postseason, as well as 5,135 yards, 41 touchdowns and eight interceptions on 456 of 672 passing in 18 career playoff starts.