KANSAS CITY, Mo. — The Kansas City Chiefs have restructured quarterback Patrick Mahomes’ contract to free up some salary cap space, a person familiar with the decision told the Associated Press on Wednesday, providing the Super Bowl champions with much-needed financial room.
The individual talked to the AP on the condition of not revealing their name, since the financial details were not public.
By adjusting the contract, which would have cost more than $58 million against the cap for the upcoming season, the Chiefs created over $21 million to use in other areas. This could involve seeking assistance at wide receiver, acquiring a new left tackle to protect Mahomes, or re-signing their own free agents.
In 2021, Mahomes also made changes to his 10-year, $450 million contract to assist the Chiefs with their financial situation.
The Chiefs have already secured All-Pro defensive tackle Chris Jones with a five-year, $158.75 million contract, which included $95 million guaranteed over the first three years. However, this agreement was structured to only cost $7.35 million against the cap this year.
Backup linebacker Drue Tranquill also agreed to a three-year, $19 million deal to return before the official start of free agency on Wednesday, and defensive tackle Mike Pennel came back to the Chiefs on a one-year deal after performing well in their Super Bowl victory.
Creating additional salary cap space could also mean that L’Jarius Sneed, who emerged as one of the NFL’s top cornerbacks last season, might stay in Kansas City. The Chiefs used the franchise tag on him, which would result in a one-year, $19.8 million deal, but many anticipated them to eventually trade Sneed for draft picks and salary cap relief.
Now, the Chiefs could keep him under the tag number or use their newfound flexibility to sign him to a long-term contract.
“There isn’t much of a recruiting pitch that needs to be made with Kansas City,” Tranquill said Wednesday. “You have incredible leadership, top to bottom. You have a culture that’s a winning culture, that is not about egos or self or guys getting paid; we all want our guys to get paid, but everything at the Chiefs and in our organization is about winning, and it’s about hoisting the Lombardi Trophy at the end of the season.”
