Patrick Mahomes contract restructure: How much cap space will the Chiefs clear?

The Kansas City Chiefs, having just won back-to-back Super Bowls, took a strategic decision to restructure Patrick Mahomes' contract with just hours until the 2024 NFL's new league year begin. The motive behind the move is to clear salary cap and begin building their squad for next season.

The Chiefs took a similar action last summer, turning a $12 million roster bonus from Patrick Mahomes into a signing bonus, freeing up $9.6 million in salary cap room. The majority of that money was subsequently spent to sign safety Mike Edwards and linebacker Drue Tranquill.

The Chiefs may now completely finance a receiver deal since they have additional cap space available. Wide receiver Darnell Mooney signed a three-year contract with the Atlanta Falcons on Tuesday, but it was reported that Kansas City was interested in signing him as well. Among the other receivers the Chiefs are reportedly considering signing are Curtis Samuel and Marquise Brown.

Let's examine the amount of cap room the Chiefs were able to release by renegotiating Mahomes' contract.

How much have the Chiefs freed up in cap space with Patrick Mahomes' contract restructure?

According to ESPN's NFL analyst Adam Schefter, the Kansas City Chiefs have freed up $21.6 million in salary room to use on additional acquisitions by renegotiating Patrick Mahomes' contract.

The 28-year-old quarterback and the Chiefs inked a hefty 10-year, $450 million contract extension in 2020. The Chiefs have benefited from Mahomes' assistance in rearranging money in his contract, which has allowed the organization to have more money to recruit other players.

Due to the extra salary cap room created this offseason, Kansas City may be able to retain cornerback L'Jarius Sneed, who proved to be among the best at his position last season. They chose to use the franchise tag on Sneed, but many still think the Chiefs would deal him in exchange for salary cap relief and draft picks.

Star defensive tackle Chris Jones has already signed a five-year, $158 million contract with the Chiefs. They can now follow through on their widely reported plans to re-sign their own free agents, recruit a wide receiver or add a left tackle to cover for quarterback Patrick Mahomes.

Strangely, Mahomes' 2023 campaign was possibly his poorest since he became a starter, but it made little difference. The Chiefs still cruised through the AFC playoffs, defeating the San Francisco 49ers at Allegiant Stadium to win their most recent championship after winning a road AFC Championship game against the Baltimore Ravens, who were seeded first.