Patrick Mahomes poised to become NFL’s first $500m player

In a significant move, Patrick Mahomes is all set to become the first player in NFL history to officially sign a contract worth more than $500m after striking a new deal with the Kansas City Chiefs.

The 30-year-old American football player has guided the Chiefs to five Super Bowls and has reportedly agreed to a two-year extension that will take his secured earnings to $504.75m. This will help him to the franchise until 2023.

For those unversed his previous 10-year deal was worth $450m with an additional $50m accessible bonuses.

“I'm just so excited to be here for life and to be a part of Chiefs kingdom for even longer," said Mahomes.

“We have so much more to do. Let's go out and do it. Let's go win some more.”

This groundbreaking achievement made him the highest-paid player in NFL history. Mahomes ruptured the anterior cruciate ligament in his left knee last December; however, he missed the NFL playoffs for the first time since 2014.

In this regard, chief executive Clark Hunt said: “Over the past decade Patrick has become one of the most iconic, beloved sports figures of all-time.”

“He has helped lead our franchise to five Super Bowl appearances and three championships, he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage, and on top of it all he has been an outstanding role model in the community.”

“Patrick is a generational talent and an elite human being, and I'm so excited he will continue to lead our team into the future.”

The extension begins in 2027 and is worth $64 million a year, giving him the highest annualized earnings in the NFL and securing the biggest contract in football history.