Patrick Mahomes is one of the biggest superstars in the NFL today. As the quarterback for the Kansas City Chiefs, he has put up record-breaking stats and won numerous accolades, including a Super Bowl championship and Super Bowl MVP award in 2020.
Mahomes has also become one of the highest-paid players in NFL history thanks to a massive contract extension he signed in 2020.
But how much is Patrick Mahomes worth today? Let’s take a closer look at Mahomes’ net worth and how he has accumulated his wealth so far in his young career.
Patrick Mahomes’ Early Life and College Career
Patrick Lavon Mahomes II was born in Tyler, Texas on September 17, 1995. He is the son of former Major League Baseball pitcher Pat Mahomes.
Mahomes starred as a multi-sport athlete in high school, playing football, baseball, and basketball. However, he focused on football in college, playing at Texas Tech University.
At Texas Tech, Mahomes put up huge numbers, setting multiple NCAA passing records. He also became just the second player in NCAA history to pass for over 5,000 yards in a season. However, the Red Raiders struggled to a losing record during Mahomes’ three seasons as a starter.
Still, his statistical success in college made him a hot NFL prospect. The Kansas City Chiefs traded up to select Mahomes 10th overall in the 2017 NFL Draft.
Mahomes’ Early NFL Contracts
As a first-round draft pick, Mahomes signed a standard rookie contract with the Chiefs worth $16.4 million over 4 years. This included a $10 million signing bonus.
Mahomes spent his rookie season as the backup to veteran Alex Smith. But the Chiefs traded Smith after the season, clearing the way for Mahomes to take over as the starter.
In 2018, Mahomes broke out in his first season as the Chiefs’ starter. He threw for over 5,000 yards and 50 touchdowns, earning NFL MVP honors. He also led the Chiefs to the AFC Championship Game.
Mahomes made the Pro Bowl again in 2019 while leading the Chiefs to a Super Bowl championship in 2020 over the San Francisco 49ers. Just a few months after the Super Bowl win, the Chiefs tore up Mahomes’ rookie contract to sign him to a massive 10-year extension.
Mahomes’ Record-Setting Contract Extension
In July 2020, Mahomes signed a 10-year contract extension with the Chiefs worth up to $503 million. The deal included $477 million in guarantee mechanisms, the most guaranteed money for any contract in NFL history.
Some key details of Mahomes’ record-setting contract extension:
- $45 million signing bonus
- Average annual salary of $45 million through 2031
- Could reach full value of $503 million through incentive clauses
- First player in any sport to sign a half-billion dollar contract
The extension keeps Mahomes under contract with the Chiefs through the 2031 season when he will be 36 years old. The massive deal cemented Mahomes’ place as the face of the Chiefs franchise and one of the highest-paid athletes in the world.
What Is Patrick Mahomes’ Net Worth in 2023?
Thanks to his record-shattering contract, Patrick Mahomes’ net worth is estimated to be approximately $40 million as of 2023. However, he has the potential to grow his net worth significantly in the coming years.
Here is the breakdown of Mahomes’ current net worth sources:
- Career NFL earnings: $49.3 million
- Includes salary, bonuses, and additional compensation
- Endorsements: Estimated $10-$20 million
- Major deals with Adidas, Oakley, Head & Shoulders, and more
- Investments: Unknown
- Likely has investment portfolio generating additional wealth
At just 27 years old, Mahomes is still very early in his mega-contract with plenty of time to accumulate more wealth. With his endorsement value also rising, experts predict Mahomes could eventually become a billionaire.
His total career earnings could surpass $750 million based on his current contract. And if Mahomes continues playing at an MVP level, he will likely sign even more lucrative contracts in the future.
Patrick Mahomes’ Endorsements and Business Ventures
Aside from his Chiefs contract, Mahomes has earned millions from endorsements with major brands like Oakley, Adidas, Head & Shoulders, Hyperice, and State Farm.
He also has equity stakes in several startups and is building a growing investment portfolio.
Here are some of Mahomes’ top business ventures and sponsors:
- Oakley – Signed endorsement deal in 2019. Releases signature eyewear and apparel.
- Adidas – Signed multi-year deal in 2019 after previous deal with Nike. Has released multiple signature shoes.
- Head & Shoulders – Featured in commercials for the shampoo brand starting in 2020.
- Hyperice – Became an investor and brand ambassador for the recovery and workout equipment company in 2021.
- State Farm – Stars in commercials alongside Packers QB Aaron Rodgers.
- BioSteel – Became an equity partner in the sports drink startup in 2021.
- 2PM – Sports hydration brand that Mahomes co-owns with Travis Kelce and other athletes.
- What’s Good – Media company focused on athletes and social justice that Mahomes co-founded.
Mahomes has also built up a large following on social media, with over 3 million Instagram followers as of January 2023. This provides additional opportunities to monetize his brand through paid posts and partnerships.
And with his NFL stardom showing no signs of slowing down, expect Mahomes’ endorsement portfolio and business investments to continue growing substantially in the years ahead.
How Mahomes Spends His Money
With all the money Mahomes has already earned, how does the 27-year-old NFL star spend his fortune?
While Mahomes maintains a relatively low-key lifestyle compared to other elite athletes, he does enjoy some luxuries befitting one of the world’s highest earners:
- Real estate – Mahomes owns homes in Kansas City and his native Texas worth several million combined. He also reportedly bought a minority stake in Kansas City’s Sporting KC soccer team valued around $15 million.
- Cars – He splurged on a Ferrari 812 Superfast worth over $300,000 after signing his big extension. Mahomes has been spotted driving other luxury cars like a Lamborghini and Mercedes.
- Jewelry – Mahomes has an impressive collection of diamond rings and necklaces valued at six figures. His jewelry often comes from Jason of Beverly Hills, a top celebrity jeweler.
- Fashion – Mahomes wears designer fashion from brands like Gucci, Louis Vuitton, Dior, and Tom Ford. He has several watches worth $50,000+ apiece.
- Charity – He has actively donated to and raised money for charities supporting kids and fighting hunger through his 15 and the Mahomes Foundation.
But compared to his peers, Mahomes maintains a relatively frugal lifestyle centered on football and family. He lives in Kansas City full-time with his high school sweetheart turned wife, Brittany, and their young daughter.
As his wealth continues increasing exponentially, it will be interesting to see if Mahomes splurges on more luxuries like private jets, yachts, and expensive getaways. For now, Kansas City’s favored quarterback son seems focused on building his legacy on the field.
Mahomes Is Now Among the Wealthiest NFL Players
It’s remarkable that at just 27 years old, Patrick Mahomes is already among the very wealthiest NFL players based on net worth:
- Roger Staubach – Estimated net worth of $600 million
- Peyton Manning – Estimated net worth of $400 million
- Tom Brady – Estimated net worth of $250 million
- Eli Manning – Estimated net worth of $150 million
- Aaron Rodgers – Estimated net worth of $120 million
- Drew Brees – Estimated net worth of $120 million
- Philip Rivers – Estimated net worth of $80 million
Mahomes still has some work to do to catch the likes of retired legends like Staubach and Manning. But with a decade left on his Chiefs deal and numerous income sources, he could certainly get there in the long run.
The bottom line is Mahomes now has generational wealth and financial security for life. And he should continue piling up the money as his success and stardom persists.
Key Takeaways on Patrick Mahomes’ Net Worth and Wealth
- Mahomes has a current net worth around $40 million at just 27 years old.
- He became the first half-billion dollar man in sports thanks to his $503 million Chiefs contract extension.
- Endorsements with Oakley, Adidas, Hyperice and more add millions annually to his net worth.
- With his deal running through 2031 and continued elite play expected, Mahomes could become a billionaire.
- He leads a relatively low-key lifestyle centered on football. But has some luxuries like expensive cars, jewelry, and real estate.
- Mahomes is already one of the NFL’s wealthiest players ever alongside legends like Manning and Staubach.
- His financial future looks extremely bright as he builds his on-field legacy and business empire.
At his current pace of accumulating wealth, Patrick Mahomes seems destined to become one of the wealthiest athletes of all time. Thanks to a mix of on-field excellence and savvy business deals, Mahomes’ net worth should continue rising exponentially in the years ahead.