The thing about Mahomes' contract is it is not structured like a fixed-rate mortgage where it is "locked in" while the price of the house keeps going up. It is on an escalator --
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https://www.spotrac.com/nfl/kansas-city-chiefs/patrick-mahomes-21751/
He only made $22.8 million this season. You see things about his
average salary being very high, but that is over the length of the contract. He is
very reasonably priced this year for MVP production (and next year, for that matter) before his salary balloons to $40+ million in the subsequent years.
For comparison, here are the QBs set to make the most money in 2022...
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I would definitely have Mahomes at that cost way more than I would have Kirk Cousins, Ryan Tannehill, Jared Goff, or any of the other mediocre guys up there. You can argue somebody like Rodgers is worth it because he produces, but Mahomes produces
and he doesn't cost too much.
Mahomes' contract is backloaded on the salary. I am not sure why that might be, but I have two theories...
-- the Chiefs are betting the salary cap keeps increasing by $5-10 million per season, which means they can absorb Mahomes' ballooning contract through salary cap increases rather than having to go through and trim the roster of real contributors who can help them win games and even championships
-- maybe there was even a pitch made to Mahomes that him accepting only a modest salary for the first few years of his deal (while backloading it and guaranteeing much of it) would allow them to maintain a competitive roster in the short-term, which ultimately (1.) helps them win more games because they keep the roster together and (2.) makes Mahomes more valuable as an endorsement property, which is $$$ too
So I don't think the Chiefs are about to become the Packers or the Seahawks in the short-term -- good teams with great QBs but subpar rosters around them. I think they are going to keep being stacked. In the long-term, I do not know. So many variables are there about if Mahomes stays healthy, keeps producing, what happens with the growth of the cap, and how the Chiefs draft on average. No idea how these all work out.