National Football League

Mahomes Signs Richest Deal Ever

Updated Jul. 17, 2020 12:31 p.m. ET

The reigning Super Bowl champion Kansas City Chiefs locked in their franchise cornerstone Patrick Mahomes on Monday in emphatic fashion.

The 10-year extension for last season's Super Bowl MVP and the 2018 NFL MVP is the richest contract in sports history.

Combined with his current contract, Mahomes will remain in Kansas City through 2031.

And even he knows the $503 million price tag is laughable – in a good way.

Here's a full breakdown of how the contract will play out:

In addition, it adds to Mahomes' long list of accolades, which he's accomplished in only two seasons as a full-time starter.

Keep in mind, he's only started 31 NFL games.

The richest contract in NFL history in terms of value previously belonged to Atlanta Falcons quarterback Matt Ryan, who signed a 5-year, $150 million extension in May 2018.

In terms of annual salary, Seattle Seahawks quarterback Russell Wilson leads the pack. In April of last year, Wilson signed a 4-year, $140 million deal which pays him $35 million annually.

Clearly, if Mahomes' contract outdoes both Ryan's and Wilson's, it will be a something to behold.

Mahomes isn't the first big name to earn historic money during this offseason.

Carolina Panthers running back Christian McCaffrey signed a record-breaking 4-year, $64 million contract extension with the Carolina Panthers in mid-April, making him the highest-paid running back in NFL history.

There are a number of NFL stars that are next in line for a huge deal, and one name that comes to mind is Dallas Cowboys quarterback Dak Prescott.

Prescott and the Cowboys have been going back and forth for months, but on June 22, Prescott officially signed his franchise tag tender with the team.

However, despite signing the franchise tag tender, Prescott and the Cowboys are hoping to get a long-term deal done in the near future.

And now that Mahomes has officially signed an extension in Kansas City, the quarterback market will presumably balloon, meaning Prescott could be in line for a bigger payday than he initially expected.

In addition to Prescott, the Houston Texans will undoubtedly aim to lock up their quarterback Deshaun Watson in the coming year.

Watson is set to be an unrestricted free agent in 2022, but chances are he won't make it that far without signing a monumental deal, now that Mahomes has changed the quarterback market for decades to come.

Even Watson's teammates know he's about to get paid.

Watt wasn't the only one to react to Mahomes' contract.

Big-name stars from across the league, both past and present, also weighed in.