The Kansas City Chiefs and Super Bowl winning quarterback Patrick Mahomes have agreed to a 10-year extension worth more than $400 million, according to reports.
Mahomes, who led the Chiefs to their first Super Bowl victory in 50 years, is now in position to become among the highest-paid players in the National Football League with his new contract, which is worth a total of $450 million, but could reach $503 million according to ESPN and NFL.com. The Texas native was projected to earn roughly $2.7 million this year, heading into the fourth of the five-year rookie deal he signed with the Chiefs in 2017.
Steinberg Sports & Entertainment, who represents Mahomes, did not immediately respond to a request for comment.
If Mahomes eclipses $500 million, it would be the be largest contract in sports. Boxer Floyd Mayweather previously agreed to his own projected $450 fight deal with Showtime, according to Forbes. Last March, Los Angeles Angels outfielder Mike Trout also agreed to a contract worth more than $400 million.
In February, Mahomes became the youngest quarterback to win Super Bowl MVP honors after leading the Chiefs to fourth quarter rally to beat the San Francisco 49ers, 31-20 in Super Bowl LIV. Mahomes also unseat Tom Brady, formerly of the New England Patriots and now with the Tampa Bay Buccaneers, as the NFL merchandise king.
"I want to have a legacy," Mahomes told CNBC in an interview after his Super Bowl win. "But I understand how much hard work it's going to take."
Steve Scebelo, interim president of NFL Players, the licensing and marketing arm of the National Football League Players Association, said Mahomes' support outside the Kansas City market helped contributed to an increase in sales for products featuring the former Texas Tech University standout.
"The success off the field and the leadership," Scebelo said. "He comes across as somebody fans can root for. Starring in the State Farm ads, you can see some of the personality come through, and he's just someone fans feel they can connect with and they want to root for."
In addition to deals with Oakley, State Farm, Adidas, and Procter and Gamble, Mahomes also has local endorsements with Kansas City businesses such as CommunityAmerica Credit Union and the private jet company Airshare, a deal Mahomes secured in 2018.
"His value as an endorser has gone up significantly in the last two years," said Scott Rosner, the academic director of the sports management program at Columbia University. "Not only has his value gone up, but he has the ability to position himself in a number of different ways from a branding perspective."
WATCH: Patrick Mahomes' agent on the making of a household name.
An earlier version of this story did not include Patrick Mahomes updated contract figures.