ABQCOWBOY
Regular Joe....
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The extension aka new money is 10 years 477 with up to 503 million PLUS his the 2 years left. While yes, they could opt out (and I suspect the opt out points are not exactly at great times for the team as in 2 years before the season in question similar to a few other deals) that makes Mahomes a free agent which they will never risk. Barring injury he is going to see every dime of that money.
Yes, they could opt out but it could be for reasons other then simply production. He could get seriously injured and that could be one hell of a bad deal for this kid. I don't think he plays out the contract. But hey, if you do, that's cool.