10 year contract extension for Mahomes worth $500 million

ksg811

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Likely structured as a series of 3-4 year deals. Don't be surprised if the signing bonus is small due both to the uncertainty of the current environment and upcoming cap and also the length of the deal. I'd be shocked if he doesn't have at least 4 option bonuses (or restructured roster bonuses) to prorate money over the entirety of the 12 year deal. This is a great deal for both sides.
 

Sevenup3000

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They tried that but Dak wants only 4 years where the Cowboys want 5 years.

I am sure if the Cowboys offer Dak $26mm more than what Goff and Wentz got on their 4 year extension...thereby bring Dak in line with the career earnings of Goff and Wentz...Dak would sign a 5 year deal yesterday.

The problem is the Cowboys want 5 years to bring Dak in-line with Goff and Wentz as far as years...but do not want to PAY Dak anything extra for giving up that extra year.

So it is either 4 years extension/deal (just like what Wentz and Goff got) and Dak gets to become a free agent in 2023 (but having earned $26mm less than Wentz and Goff)...
OR
5 year extension/deal so Dak can become a free agent at the exact same time as Wentz and Goff: 2024...HOWEVER, you have to pay Dak $26mm so that in the year 2024...Goff, Wentz, and Dak would have identical career earnings.

But you are not going to structure Dak's deal like a first rounder while still trying to compensate Dak as a 4th rounder. Pick one or the other.
 

Adreme

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If you say it's a new 12 year contract, you would then combine all the monies. You said a reporter wouldn't describe it as such and yet Schefter did. Your last sentence makes no sense. People renegotiate contracts all the time and at the time of renegotiation you don't include what someone has earned. When you renegotiate an extension and modify what's left on an existing contract, for all intents and purposes, it's a new contract.

He did not do that. I am literally looking at the tweet you are citing and you are wrong. He described the extension (10 years 450) then mentioned it added onto the next 2 years where he was already guaranteed making him a Chief for the next 12 years so that people could know the length.

If we are going to pretend those 2 years are relevant why not count the first 3 years as they are also part of the same contract technically (extension is not a new contract). So really let us call it a 15 year 535 million deal (based on the updated 10 years 503 extension). Man that sounds really good. It is not based in reality, but it sounds really good and is technically what the full contract is. No one would consider it that but it is technically accurate.
 

Sydla

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That's the thing.
What's elite now becomes average starter money very quickly.
Dak had to be insanely patient but the team let it get this far which is unbelievably bad front office work.

Not like everyone didn't know Pat was starting talks at 40M per.
Dak asked for 37AAV on a 5 year deal or 35AAV on a 4.
The Cowboys are arguing over 10M on a 5th year... they likely wouldn't have paid lol.
They'd have extended him, traded him or released him before they just played out the entire 5th year of the deal.

Again, it's a mistake to try to claim it's not that big a deal between $37MM and $35MM AAV when you are talking about the structure. If the reports are true (and there is no clear evidence they are), Dak said he would sign that 5th year, but it would require that the Cowboys pay him $45MM in that 5th year. The cap implications of that are enormous and it shows how silly it is to suggest that hey, paying him $45MM in that 5th year is really just a difference of $2MM a year. From the team's perspective, it's not just a difference of $2MM in AAV each year.
 

Sydla

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I cherry picked the quote because it was relevant to the news of the day, especially now seeing that Mahomes will actually be getting closer to $47M/yr guaranteed/base. $503M is the total AAV



But again, nowhere in my post did I ever say anything about there never being a $40MM a year QB. I said Mahomes likely won't be making $45MM in base salary a few years from now. And he likely won't be. His money will come in the form of signing bonuses, roster bonuses, option bonuses, etc.

Again, specifically pay attention to my noting "base salary" and not AAV.
 

Sydla

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Likely structured as a series of 3-4 year deals. Don't be surprised if the signing bonus is small due both to the uncertainty of the current environment and upcoming cap and also the length of the deal. I'd be shocked if he doesn't have at least 4 option bonuses (or restructured roster bonuses) to prorate money over the entirety of the 12 year deal. This is a great deal for both sides.

The devil will be in the details for sure.
 

jterrell

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No, this team belongs to Jerry. He will pay what he will pay. What you outline here matters to you. It doesn't matter to me. Dak is not getting paid what Mahomes got. That's not happening but if you wish to believe that, that's fine with me.

Mahomes signed an extension. That means he added years to the existing contract. He's got a 12 year deal for 477 mil with 150 guaranteed. That's what the deal is. That averages out to 39.75 AAV. If you think Dak can get that deal, that's fine. I don't care one way or the other because I know he isn't getting that deal without a championship and a long term contract, which he does not want. But as I've said, if that is what you want to believe, that's fine.

I'm not sweating it because the truth is the truth. Time will ultimately tell. Win a championship and the entire equation changes but this business of using stats to justify pay not gonna happen IMO. If it were, Dak would not be playing on the tag now. Look how long it took Mahomes to get Baseball money. Now look how long it's taking to simply get a deal done with Prescott. That tell's you everything you need to know about this situation IMO.

Good grief man you are posting about truth and completely wrong about the numbers.
 

JD_KaPow

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So the extension is $477 for 10 years. If you figure he's worth $40M in the first year and you escalate 4% every year after that, you get $480M. If you figure the first year at $37M, then the escalation is 5.5% per year. So yeah, sounds about right.
 

Adreme

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No, this team belongs to Jerry. He will pay what he will pay. What you outline here matters to you. It doesn't matter to me. Dak is not getting paid what Mahomes got. That's not happening but if you wish to believe that, that's fine with me.

Mahomes signed an extension. That means he added years to the existing contract. He's got a 12 year deal for 477 mil with 150 guaranteed. That's what the deal is. That averages out to 39.75 AAV. If you think Dak can get that deal, that's fine. I don't care one way or the other because I know he isn't getting that deal without a championship and a long term contract, which he does not want. But as I've said, if that is what you want to believe, that's fine.

I'm not sweating it because the truth is the truth. Time will ultimately tell. Win a championship and the entire equation changes but this business of using stats to justify pay not gonna happen IMO. If it were, Dak would not be playing on the tag now. Look how long it took Mahomes to get Baseball money. Now look how long it's taking to simply get a deal done with Prescott. That tell's you everything you need to know about this situation IMO.

First off I did not say he would get what Mahomes got so the strawman argument there you are making is rather silly.

Second he signed a 10 year 503 million dollar extension. That is what he signed. If you are going to go in on the lie that it was something else why not go all in and call it a 15 year deal for 535 million? By your logic they are the same deal so really that contract that Chiefs have for 15 years with 3 already played out is a terrific deal for them. It is not an honest representation but it is just as accurate as what you are claiming because they are all the same contract. No NFL team would consider it that kind of contract but no NFL team is considering this a 12 year contract so why not go all in on the lie?
 

Northern_Cowboy

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I can see it now Stephan and Jerry going ok Dak costs 31.4 this year it will be approx 37 next year (if we decide to keep and tag him a 2nd time) and then if we wanted to do it a 3rd year he may cost as much as Mahones for one season...Dak is never getting a long term deal!!
 

TheHerd

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If that 503 number is right, it's a steal. 10 years ago, the average of the top 5 QBs was around 14M AAV. Now it's more like 35. That's a 2.5x. In 10 years, top 5 chould be ~ 85+ AAV. Mahommes is clearly not a money grabber with this deal.
 

Sydla

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He did not do that. I am literally looking at the tweet you are citing and you are wrong. He described the extension (10 years 450) then mentioned it added onto the next 2 years where he was already guaranteed making him a Chief for the next 12 years so that people could know the length.

If we are going to pretend those 2 years are relevant why not count the first 3 years as they are also part of the same contract technically (extension is not a new contract). So really let us call it a 15 year 535 million deal (based on the updated 10 years 503 extension). Man that sounds really good. It is not based in reality, but it sounds really good and is technically what the full contract is. No one would consider it that but it is technically accurate.

There are two tweets linked in the first post. The 2nd tweet Schefter clearly says..........."Patrick Mahomes had two years remaining on his contract, and he and the Chiefs are adding on 10 more, making it a new 12-year contract in total."

You don't include the first three years because they had already been earned. Mahomes played those three years under the contract terms. But now with the extension, they very likely MODIFIED the terms of the last two years of his rookie deal (this happened with Wentz and Goff - their extensions carried modifications to the final two years of their rookie deals). So for all intents and purposes, the rookie contracts for Mahomes no longer exists. It's gone. The terms no longer apply. They've been restructured to account for the new 10 year extension (cap hits, etc.)
 

Clove

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The Cowboys used to be the mecca for strong armed negotiating. Now, not so much.
 

Sevenup3000

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No they aren't apt comparisons.
Wentz has had major injury concerns and Goff has mostly been bad with better offensive weapons and coaching.
Wentz injury woes make signing him a far larger gamble than Dak.


Dallas most definitely isn't getting Pat Mahomes in Dak but acting like he is some middle of the road starter is simply not true.
He's a legit top 7 guy and he's going to be the 2nd highest paid QB when he signs his long term deal.
The issue is what that number is because the more players sign in front of him the larger it will be.

Stephen Jones has screwed this up royally.
It took an insane lack of situational awareness to not sign him long-term last summer before watching him practice deep balls in the new Kellen offense to Gallup and Cooper.
Dak and the team told us they were gonna air that mo out...
How did Stephen not use his brain and sign the guy before he did?
Everyone in the league knew Dallas was far better and more dangerous at WR than when they had been with Beasley and Witten as your top targets....

I agree...but I am trying to be the most reasonable to the Stephen Jones/Dallas Front Office side...I agree 100% that Dak not only cost the Cowboys 1/10 of what Wentz and Goff costs...but he is objectively better than both too.

So I hear you...

But my point is even if we say Dak is no better than Wentz and Goff...Dak Prescott is STILL not going to give up a year of control for nothing...that year of control is valuable...therefore, Stephen Jones has to pay for it.
 

ABQCOWBOY

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First off I did not say he would get what Mahomes got so the strawman argument there you are making is rather silly.

Second he signed a 10 year 503 million dollar extension. That is what he signed. If you are going to go in on the lie that it was something else why not go all in and call it a 15 year deal for 535 million? By your logic they are the same deal so really that contract that Chiefs have for 15 years with 3 already played out is a terrific deal for them. It is not an honest representation but it is just as accurate as what you are claiming because they are all the same contract. No NFL team would consider it that kind of contract but no NFL team is considering this a 12 year contract so why not go all in on the lie?

It's not a 10 year, 503 deal. Pull somebody else's leg, maybe it will play jingle bells.
 

88sAndHeartbreak

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But again, nowhere in my post did I ever say anything about there never being a $40MM a year QB. I said Mahomes likely won't be making $45MM in base salary a few years from now. And he likely won't be. His money will come in the form of signing bonuses, roster bonuses, option bonuses, etc.

Again, specifically pay attention to my noting "base salary" and not AAV.
I didnt realize I misquoted you, and for that I apologize. My point is not many starting QBs only make base salary, so why should it matter? Anyways... We are just talking in circles, so I'll let you have fam.
 
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