This off-season has been different for all 32 NFL teams, as, instead of increasing, the salary cap number actually dropped. This put the teams in an awkward situation – not only with their impending free agents – but also with the players who had just rehired during the previous pre-season. We saw a flurry of restructuring contracts last week, and even the best NFL players are not exempt from the madness.
On Friday, ESPN’s Adam Schefter reported that Kansas City Chiefs quarterback Patrick Mahomes must restructure his contract. According to Schefter, the Chiefs will convert the $ 21.7 million Mahomes list bonus into a signature bonus, which would save Kansas City $ 17 million against the limit.
If you remember, Mahomes signed a record 10-year contract worth $ 477 million, with a maximum of $ 503 million in low season. The contract was structured so that the base salary was virtually nothing compared to the bonuses on the list at the beginning, and then that base salary would increase over the years. According to Spotrac, Mahomes was really set to win $ 21,716,905 this year when it comes to his list bonus and only $ 2 million with his signing bonus.
According to Over The Cap, the Chiefs currently have $ 4.4 million in the red, which is in 25th place in the league. Kansas City has already taken some extreme cost-cutting measures by releasing its two initial offensive tackles on Eric Fisher and Mitchell Schwartz on Thursday. Both veterans were coming out of injuries and lost the Super Bowl LV – which was one of the main reasons why the Chiefs fell to the Tampa Bay Buccaneers by 31-9. These two moves saved $ 18 million at the maximum, but the Chiefs will have to replace the two holders with talented pieces if they want to keep Mahomes up and running.