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
Our priorities are really screwed up.
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they should be paying us bloggers that much; heck I’d take $130,000 total over 10 years for my blogging…
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What’s at least as amazing as Mahomes contract is the Hunt family has so much dough that they will gladly pay his salary. It is a good investment for them.
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I am sure it was purely a business decision for the Hunt family…
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Those who believe in markets should have no problem with Mahomes’ contract even if we are shocked by it. People making the big bucks should celebrate it whether or not they are professional athletes. IMO the precipitous rise in CEO compensation has been driven in part by CEO consternation at being out earned by those they feel superior to in terms of education and intellect. CEOs serve on boards of directors of other companies, and boards have adopted a “scratch my back and I’ll scratch yours” approach to CEO compensation. As they see athletes make more and more, they have figured out ways to greatly increase their own compensation in an effort to keep up. The rise in CEO compensation continues despite shareholder efforts to reign it in. Rising CEO pay has a trickle down benefit on officers, executives and other groups as well.
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when CEO compensation is out of sync with firm performance, that’s when it becomes a problem. And what about when Mahomes has a bad year, he will still be paid an enormous sum. I’m happy for him; he is making what the market determined he is worth.
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Wow! If I was him, I’d take very, very good care of my health for the next 10 years.
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I’m sure the team has the same desire to keep him healthy…
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It’s ridiculous how out of control this has got. And college players earn nothing!
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it is crazy, but I think some college players will start to earn a little bit with the new regulations…
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The salaries are insane, but I’d rather the player get more of the dough than the team owner who isn’t contributing that much. I don’t even begrudge athletes (and other entertainers) receiving exorbitant amounts of money. If fans stop going to the games/performances, ticket prices will go down. What bothers me more is that people in professions that genuinely benefit society beyond entertainment receive so little.
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I don’t have a problem with it either, but I agree that it’s a shame that essential workers aren’t paid more than they are currently…
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Now that is who you need to ask to buy you a beachhouse! 🙂
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I like the way you think!
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I thought you might, since that other beachhouse offer that you had fell through! So “rude” of that person, so I just thought I would try to help. 😉
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I think that other beach-house is still up for negotiation… 🙂
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Haha! Hmmm…..it could be if the negotiation swings more in my favor. 😄
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🙂
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These outrageous salaries is why the cost of going to a sporting event has become outrageously expensive. I don’t begrudge a person being worth a lot of money, but for that kind of dough, an incomplete pass should never happen. We have made sports about the money rather than about the competition or pride of winning. This is the road we have gone down and there is no coming back. Great post, Jim!
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It’s a shame essential workers aren’t paid this kind of money…
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And professors too! Aren’t they essential?
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I think the higher you go up the academic ladder, the less essential the teachers are. My wife, the pre-school teacher – she’s essential. Me, not so much…
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woah, that’s so hard for me to actually fathom. i should have stuck with my badminton skills training.
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you could have been the face of badminton!
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I know!!!! Badmintonstrong 🏸
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No words for this!!! WOW! I haven’t even heard of him!!
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well now you have! 🙂
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I wouldn’t wish ill on the guy, but is the contract invalid if he gets a career-ending injury in his first game? My warped mind says that would be karma for such a ridiculous amount of money for playing a game!
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I don’t know the details, but even if he is not injured, it is going to be hard to replicate the magical year he just had. I wonder at what point, if ever, people will start complaining that he is no longer worth the money he is getting paid…
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On the basis of what happens in our Premier League, I’d guess that complaint will start with his first bad game!
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or perhaps even his first bad throw…
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That would be a little impatient!
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if he was playing for a a Philadelphia team I could see that happening. we’re kind of tough on our athletes…
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Sounds like Spurs supporters, but we’ve had a lot to moan about this season!
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Philly sports fans have had a lot to moan about for a lifetime…
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I share that pain! The last time Spurs won the league was 1961, and a cup was 2008. Hope is often dashed!
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Well the Philadelphia Eagles did win the Super Bowl back in 2018 (of course, I was out of the country when it happened), but such events are few and far between…
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Sounds like you should leave the country more often…
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My Eagles friends have told me the same thing!
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I’ve often thought how good it would be to get paid to go to the gym £/$100 would do me (not fussy what currency it’s in), that man is living the dream!
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it must be nice; I wish him the best…
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This guy still owes me a tenner, Jim. Tapped me outside the pub one night. Can you have a word with him please? Don’t need it all at once. Instalments is fine…
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You just can’t trust these American football players. First, they try to take over the name of your game, and then they start taking your money. I’ll see what I can do about getting the money back. Getting the word football back could be tougher…
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Ha ha
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