In the world of football, one name has been making headlines like a game-winning touchdown—Patrick Mahomes. The NFL is agog over this young quarterback. He’s continuously mesmerizing fans with his electrifying plays and leaving opponents in awe. Alongside his athletic prowess, many wonder about the financial success he has achieved. So this article delves into all about Patrick Mahomes net worth. It’ll be also exploring Mahomes’ journey, accomplishments, and the sources behind his impressive wealth.
Who is Patrick Mahomes?
Born in 1995, in Tyler, Texas, Patrick Mahomes is a professional American football player. Raised in a family deeply connected to sports, Mahomes always had a passion for football. Former Major League Baseball pitcher Pat Mahomes is his father. And this upbringing instilled in him a strong desire to excel in his chosen sport.
Mahomes attended Whitehouse High School. Wherein he showed his exceptional athletic abilities on the football field. He quickly rose to the top of the recruiting pool due to his obvious talent. Ultimately, Mahomes committed to playing college football for Texas Tech University.
While at Texas Tech, Mahomes wowed onlookers with his arm strength and exceptional ability to read the game. He became known as one of college football’s most thrilling players after breaking numerous records. His standout performances drew the attention of NFL scouts and set the stage for his professional career.
How Much is Patrick Mahomes Net Worth?
As of 2023, Patrick Mahomes owns around $70 million in net worth. He is now among the NFL’s wealthiest and most commercially successful athletes ever. Such a substantial net worth is a testament to his remarkable talent, marketability, and business ventures.
Key Points to Know About Patrick Mahomes
| Net Worth | $70 million |
| Salary | $45 million |
| Full Name | Patrick Lavon Mahomes II |
| Born | September 17, 1995 (age 27) |
| Birthplace | Tyler, Texas, U.S. |
| Nationality | American |
| Height | 6 feet 2 inches (1.88 meters) |
| Profession | American Football Player |
| Position | Quarterback |
| Current Team | Kansas City Chiefs |
| Social Media | Twitter, Facebook, Instagram |
Sources Behind Patrick Mahomes Net Worth
So, how, at such a young age, did Mahomes amass such a remarkable net worth? Here are the sources that contributed to his financial success.
Football Career
One of the primary sources behind Patrick Mahomes’s impressive worth is his illustrious football career. As a quarterback, Patrick has proven his incredible talent and leadership. And that he got the talent for making game-changing plays.
Mahomes’s financial journey started with his rookie contract in the NFL. As the 10th overall pick, Kansas City Chiefs signed him on a four-year rookie deal in 2017. The agreement set a signing bonus and a salary that would rise over the next four years. This initial contract laid the groundwork for his financial success. Nevertheless, it was only the beginning of Mahomes’s ascent to financial stardom.
Entry-Level Contract (2017-2021)
Mahomes initially agreed on a four-year contract with the Chiefs when he joined the NFL. The deal was worth $16.4 million with a sizable signing bonus of $10 million. Mahomes was guaranteed the full contract amount, which averaged an annual salary of $4.1 million.
In 2023, Mahomes will receive a base salary of $5.5 million. In addition to this, the player will get a signing bonus of $22.4 million. Not just that, it’ll include a restructure bonus of $12 million and a workout bonus of $550K as well. This brings his total earnings for the year to a significant sum. In addition, Mahomes’s contract has a $39.7 million cap hit. That reflects the financial impact on the team’s salary cap and a dead cap value of $134.3 million.
Current Contract
Currently, Patrick Mahomes’s contract, signed in 2020, is a groundbreaking 10-year agreement with the Chiefs. This contract’s astounding $477 million total value makes it one of the most expensive agreements ever. It’s one of the largest contracts in professional sports history. The contract includes a signing bonus of $10 million and guarantees a staggering $141.5 million. Under this contract, Mahomes enjoys an average annual salary of $45 million. That apparently reflects the team’s recognition of his exceptional skills and value to the organization.
The cap hit for Mahomes’s current contract is $39.7 million, indicating the financial impact on the team’s salary cap for the specified year. Additionally, the dead cap value is listed at $134.3 million, reflecting the financial consequences for the team in the event of early termination of the contract.
These staggering figures demonstrate the magnitude of Mahomes’s financial success and the substantial contributions of his contracts to his net worth. The substantial guaranteed money, signing bonuses, and annual salaries have allowed Mahomes to amass considerable wealth at a young age.
Endorsement: Partnerships that Add Millions
Beyond his on-field achievements, endorsement has been another source of Patrick Mahomes’s earnings. This rising quarterback’s magnetic presence has made him a highly demanded-figure in endorsements. His success and popularity have attracted major brands looking to capitalize on his star power.
Mahomes has secured numerous high-profile endorsement deals with renowned companies. Such as Adidas, Oakley, State Farm, and so on. His signature Adidas collection 2PM has become a hugely popular sports shoe recently. These partnerships immensely showcase his marketability. But on top of that, these also provide significant financial gains. Endorsement contracts include lucrative compensation packages, ranging from appearance fees to royalties on product sales. The Chiefs’ quarterback has the ability to connect with fans. And so his widespread appeal has made him an in-demand figure for the brands.
Investment
Aside from his football career, Patrick Mahomes understands the importance of diversifying his financial portfolio. So the player has shown his business acumen by making strategic investments in various ventures.
His ownership interest in the Major League Baseball team Kansas City Royals is one notable investment. This move not only demonstrates his love for sports but also positions him as a business owner. And it expands Patrick’s reach beyond football. Additionally, Mahomes has invested in multiple business ventures in the Kansas City area. Leveraging his local ties and community involvement, he surely made smart financial decisions.
FAQs
How many games has Patrick Mahomes lost in his career?
Patrick Mahomes has currently lost 11 games overall in his professional football career.
How many Super Bowls has Patrick Mahomes gone to?
So far, Patrick Mahomes has gone to two Super Bowls in his career.
When did Patrick Mahomes win his first Super Bowl?
In February 2020. In Super Bowl LIV, it was a matchup with the San Francisco 49ers.
Did Patrick Mahomes get a college degree?
No, Patrick Mahomes left college early to pursue his professional football career and did not complete his college degree.
Final Thoughts
In conclusion, Patrick Mahomes net worth is significantly influenced by his lucrative contracts. He is the first NFL player to sign a half-billion contract in history. From entry-level to the groundbreaking current deal, these contracts are the reasons behind his impressive fortune. As Mahomes continues with his talent, his contracts will undoubtedly contribute to his continued financial success.
