Patrick Mahomes, Chiefs ‘blow down the door’ on QB market as Cowboys’ Dak Prescott waits

Editor’s note: This post has been updated.

The quarterback market has shifted again in the NFL.

According to multiple reports, the Kansas City Chiefs and Patrick Mahomes have agreed on a 10-year contract extension that ties him to the organization through the 2031 season. The deal was first reported by ESPN’s Adam Schefter.

The Chiefs picked up Mahomes’ fifth-year option for the 2021 season in April, putting him under contract for the next two seasons. The 10-year extension will put him under contract in Kansas City for the next 12.

While exact salary figures were not initially revealed, NFL Network’s Ian Rapoport later reported the extension was worth $503 million, with $477 million in “guarantee mechanisms,” plus a no-trade clause. The deal also gives Mahomes the ability to have outs if the mechanisms aren’t exercised.

A source confirmed these figures to SportsDay’s Calvin Watkins.

Mahomes has two years and $27.6 million left on his existing deal, meaning his combined 12-year deal with the extension is worth a total of $530.6 million.

All of these numbers are of interest to Cowboys quarterback Dak Prescott, who signed his exclusive franchise tag with Dallas last month.

On the tag, Prescott would receive a salary of more than $31 million for the 2020 season, but the two sides still have until July 15 to negotiate on a long-term extension of their own. An extension for Prescott would likely to land in the four- or five-year range, half the length of Mahomes'.

Here’s is some social media reaction to Mahomes’ reported extension:

Find more Cowboys stories from The Dallas Morning News here.