How much money does Patrick Mahomes make per year 2024?

Publish date: 2024-06-27

Patrick Mahomes, the talented quarterback for the Kansas City Chiefs, has a lucrative contract that has attracted significant attention due to its magnitude and structure. Let's delve into the details of his earnings for the year 2024.

Contract Overview

Patrick Mahomes signed a groundbreaking 10-year, $450 million contract extension with the Chiefs in 2020, making him the highest-paid player in NFL history. The contract includes various bonuses, roster bonuses, and workout bonuses, with a substantial impact on his annual earnings.

Guaranteed Money

The contract initially guaranteed Mahomes $63.0819 million at signing, with a total of $477.631 million being able to become guaranteed based on roster status. Furthermore, his new deal reportedly guarantees him $210.6 million through the 2026 season.

Salary Breakdown for 2024

The specifics of Mahomes' earnings in 2024 are as follows:

Base Salary: $8,600,000
Prorated Bonus: $12,858,269
Roster Bonus: $34,900,000
Workout Bonus: $1,000,000
Total Earnings: $57,358,269
Cap Hit: $57,358,269
Dead Cap Value: $112,596,314

Comparison with Other Quarterbacks

In 2024, Mahomes holds the highest contract value in the league among all positions, with quarterbacks Joe Burrow, Justin Herbert, Lamar Jackson, and Josh Allen trailing him. However, concerning average annual value (AAV), Mahomes does not rank in the top five.

Off-Field Earnings

Apart from his NFL contract, Mahomes has diversified his income through various investments and endorsements. His net worth is reported to be $70 million, and he has invested in sports teams such as the MLB's Royals, MLS' Sporting Kansas City, NWSL's Kansas City Current, and a professional pickleball team in Miami. Additionally, Mahomes earned upwards of $20 million from endorsements in 2022, including deals with Adidas, State Farm, Oakley, Nestlé, and DirectTV, among others.

Patrick Mahomes' earnings for the year 2024 are substantial, comprising a combination of his NFL contract and off-field ventures. His record-breaking contract and impressive off-field investments and endorsements have solidified his status as one of the highest-earning athletes in the world.

By judiciously analyzing the details of his contract and additional income sources, it's evident that Patrick Mahomes' financial prowess extends beyond his on-field performance, contributing to his substantial wealth and prominence in the sports industry.