Earlier this week, quarterback Patrick Mahomes of the Super Bowl champs Kansas City Chiefs, signed a record-breaking, 10-year extension worth up to $503 million, making it the largest contract not just in NFL history, but in sports history.
This means Mahomes will earn an average of over $130,000, per day.
To put that number in perspective, the median individual annual income was $40,100 in 2019 in the United States. In other words, Mahomes makes more than three times the annual median income, in just one day.
Another item that stood out to me is that there is a workout bonus of $550,000 per year, starting in 2022 of the contract. As far as I can tell, the workout bonuses kick in if a player attends a certain number of supervised training sessions during the months of April through June. That’s $6,000 per day. I’d happily work out for a few hours a day for half that amount.
But there are some downsides to Mahomes’ contract.
As you might guess, people are coming out fo the woodwork asking Mahomes for money. Including LeBron, who simultaneously congratulated Mahomes, and then asked t borrow $5.
There are certain activities that Mahomes may not engage in while under the contract. This includes sports such as baseball, basketball, and water skiing. I’d gladly give up such sports in exchange for a contract like this.
In fact, I’d probably use that freed up time to go to the gym. Especially if I was paid extra to do so.
Congratulations and best of luck to Mr. Mahomes.
*image from Yahoo Sports