Patrick Mahomes’ bumper 10-year, $503million contract with the Chiefs is set to be restructured to clear $21M in cap space, as it will give Kansas City flexibility to sign some free agents this offseason ahead of the team’s three-peat attempt this fall.
That’s according to Adam Schefter, of ESPN. Mahomes was expected to count more than $58M against the cap before the restructure.
The 28-year-old quarterback has a deal in place with Kansas City through the 20231 season.
He previously restructured his contract before the start of the 2021 season, and last year, he signed a revised deal that allocated some money he was set to earn then to later years of his contract.
The Chiefs recently used their franchise tag on cornerback L’Jarius Sneed at a cost of almost $20M against their cap.
They also tied down Chris Jones to an extension, though his new salary will count only $7.35M against their cap this upcoming season.
Earlier on Tuesday, Kansas City and soon-to-be free agent Irv Smith Jr. agreed to a one-year, $1.125M deal, according to reports, giving Mahomes a veteran tight end behind Travis Kelce.
Blake Bell and Jody Fortson, who have been backing up Kelce, are due to become free agents, so the Chiefs were in the market for someone to work with him in multiple tight end sets.
The 25-year-old Smith also makes them younger at an important position in the Kansas City offense; Kelce will turn 35 next season while Bell turns 33 before Week 1.
The Chiefs also have tight end Noah Gray on the roster. He had 28 catches for 305 yards and two TDs last season.
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