Patrick Mahomes’ Net Worth: How the NFL Star Became a Millionaire
What’s Patrick Mahomes’ Net Worth in 2024?
Patrick Mahomes, the star quarterback of the Kansas City Chiefs, has an estimated net worth of approximately $50 million in 2024. This estimation is based on his lucrative contracts, brand endorsements, and various investments. His financial success is hugely attributed to his record-breaking 10-year, $450 million contract signed in 2020 which remains one of the largest in American sports history.
How Does Patrick Mahomes Earn His Wealth?
Mahomes earns most of his wealth through his NFL salary. The Kansas City Chiefs quarterback inked a massive 10-year agreement worth $450 million, ensuring he stays with the team through the 2031 season. Beyond his salary, Mahomes snowballs his earnings with endorsements from well-known brands like Adidas and Oakley. His marketability has made him a favorite in the advertising world.
What Are the Details of Patrick Mahomes’ Contract?
In 2020, Mahomes signed a groundbreaking extension with the Chiefs which spans over 10 years with a total value of $450 million. Also, the contract includes millions of dollars in incentives, potentially elevating his earnings to $503 million. It’s noteworthy that part of the deal’s original structure was reworked in 2023 to front-load more guaranteed money. Over the four-year span from 2023 to 2026, Mahomes is slated to receive $210.6 million, averaging $52.7 million a year.
How Does Patrick Mahomes’ Contract Compare to Other NFL Quarterbacks?
Despite the massive total value of Mahomes’ contract, he does not hold the top spot in terms of average annual value (AAV) or guaranteed money in 2024. Dak Prescott, quarterback for the Dallas Cowboys, holds both records with a deal of $240 million over four years, yielding a $60 million AAV. Prescott’s contract also features a guaranteed sum of $231 million, surpassing Mahomes.
Does Patrick Mahomes Have Any Business or Investment Ventures?
Yes, aside from his performance on the turf, Mahomes has wisely invested in several ventures. Notably, he’s part of the ownership group for the Kansas City Royals, showcasing his interest in diversifying his portfolio beyond the NFL. This kind of foresight not only adds to his income but also solidifies a lasting financial legacy.
Summary Table of Patrick Mahomes’ Financial Details
| Category | Details |
|---|---|
| Net Worth (2024) | $50 million |
| Current Team | Kansas City Chiefs |
| Contract Value | $450 million (10-year contract) |
| Average Annual Salary (2023-2026) | $52.7 million |
| Top Competitor | Dak Prescott ($60 million annually) |
| Endorsements | Adidas, Oakley, among others |
| Investments | Kansas City Royals ownership |
For more detailed information, you can check the full article on USA Today.
