It’s still hard to believe that Patrick Mahomes isn’t the highest-paid quarterback in the NFL. In fact, he doesn’t even crack the top ten in average annual salary, despite holding the lengthiest contract in league history. The Chiefs’ superstar, with three Super Bowl titles and a pair of MVPs to his name, makes an average of $45 million a year. That’s because he signed a 10-year, $450 million extension with Kansas City back in 2020.

That deal included just over $141 million guaranteed, a massive figure at the time. Yet today, it looks modest compared to another quarterback in his own division, Justin Herbert. The Chargers locked up Herbert in 2023, fresh off his third season, with a five-year, $262.5 million contract that pays him an average of $52.5 million per year. Despite two losing seasons and zero playoff wins, Herbert walked away with $16.1 million in signing bonus and an eye-popping $218.7 million guaranteed.

Looking ahead to 2025, as per Spotrac, Mahomes’ cash earnings will tick upward thanks to another restructure. He’ll make $1.2 million in base salary, $47.7 million in restructure bonus, and a $1 million workout bonus—bringing his total to $50 million.

A healthy number, sure, but still shy of Herbert’s $60 million haul that same season. Herbert’s 2025 earnings include a $15 million base salary plus a massive $45 million signing bonus, giving him a full $10 million edge over the three-time Super Bowl champion.

That gap, however, won’t last long. By 2026, Mahomes’ cash flow jumps to $56.7 million, while Herbert’s drops to just $24 million. The difference lies in how their contracts are structured. Herbert’s deal was designed so his cap hit never exceeds 20 percent of the Chargers’ salary cap, giving the team flexibility.

Mahomes, on the other hand, will see his contract take up more than 20 percent of the Chiefs’ cap space in both 2026 and 2027, though it remains under 11 percent in 2025.

So why is Patrick Mahomes still earning less than today’s going rate for elite quarterbacks, north of $55 million per year? The answer lies in timing and intent. Back in 2020, $45 million annually set the market. And the two-time MVP, unlike many others, has resisted pressing for a renegotiation.

Instead, he has prioritized giving the Chiefs breathing room under the cap, allowing them to sign free agents and extend core players. For him, the trade-off is clear: keep the team competitive and keep winning Super Bowls.