"Something we can build for a long, long time": When Patrick Mahomes spoke on his historic $503,000,000 extension

After Patrick Mahomes had led the Kansas City Chiefs to their first Super Bowl win in 50 years in 2020, the franchise rewarded him with a 10-year, $503 million contract extension, the second-biggest deal in US sports history. It has since been lapped thrice but remains the largest contract handed to an NFL player.

Mahomes' decision to sign the deal despite knowing that the salary cap would skyrocket in the years to come and make his deal look cheaper with each passing season was a heavily debated topic at the time.

However, he had no regrets about it. In an interview with CBS Sports in July 2020, the quarterback explained his rationale for committing his long-term future to the team.:

"The best thing that happened was the Chiefs and my team, we went in with an open mind. We tried to figure out what was not only best for me and my family, but also what was best for the team moving forward. In order to build something great, you have to have that open-minded communication."

He was content with the deal, as it not only gave him security but also ensured the Chiefs could retain some key contributors. Patrick Mahomes added:

"Obviously, I'm very excited, very happy. Having security for my family and security for future generations, but at the same time I'm happy our franchise is able to sign guys like Chris Jones and sign guys that were able to help me build this team together, and we'll be able to have something we can build for a long, long time."

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Highest-paid QBs in the NFL: Where does Patrick Mahomes rank?

When Patrick Mahomes signed his contract extension in 2020, his deal ranked #1 in the league in average annual value. It remained atop the AAV list for another year but dropped to fourth after Aaron Rodgers, Russell Wilson, Kyler Murray, and Deshaun Watson signed new deals in 2022.

A year later, Joe Burrow, Justin Herbert, Lamar Jackson and Jalen Hurts were handed contract extensions that lapped the AAV of Mahomes' deal. This year, the AAV of the Chiefs quarterback's massive contract extension dropped to joint-12th in the league, as Jordan Love, Trevor Lawrence and Tua Tagovailoa signed deals that saw them earn more on average than the three-time Super Bowl champion.

With each passing year, Patrick Mahomes' contract extension, the largest in US sports history at the time, is looking like a bargain for the Chiefs. If the quarterback doesn't demand a pay raise before his contract expires, it could be the best value-for-money deal in NFL history.