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With incentives in place, it's actually up to $503 million, for 10 years as he still has 2 years left on his rookie deal. Now, the chance of him playing out the full 12 years of the contract as is right now is kinda slim. More likely that it will get renegotiated in 5 years or so, assuming he stays healthy and the league starts churning out even more lucrative deals as the cap goes up and up. And of course assuming Mahomes produces as everyone expects for him too.
That said, this is a win win for both the Chiefs and Mahomes. Only $141 million of it is fully guaranteed, but that is a record breaking number in and of itself. And as long as he starts each season, every season's salary is fully guaranteed too, so he has great protection built in from injury.
I like the idea of a 10 year contract. Lock up your star QB for the long haul and not have to worry about it for a long time, at least in theory. Many have made the argument that Mahomes is proabably the only player in the entire league that isn't trade-able, and I think that's probably true. I think everyone else is trade-able, given the right price. But why in the world would the Chiefs ever trade Mahomes? What could you possibly get for him that would ever make it worth it? I guess 5-10 first round picks or something crazy like that? But even still, you would be gambling that you could land a solid QB in the draft and its very likely Mahomes is a once in a generation talent that won't be outdone for many years to come. So therefore, untrade-able. And that = pay the man!