When Patrick Mahomes signed a 10-year, $450 million contract, with incentives that could push it past $500 million, back in July 2020, it was a jaw-dropping agreement. The contract was the richest in the history of American sports, and was considered so far outside the box that it did not necessarily reset the quarterback market because Mahomes was considered a one-of-one player, a unicorn.

What’s happened since then, of course, is that the NFL quarterback market has exploded, so that even so-so NFL quarterbacks like Trevor Lawrence and Tua Tagovailoa have gotten deals worth more than $50 million per year, and Dak Prescott has pushed the top of the market to $60 million per year.

Meanwhile, Mahomes has done nothing but keep winning. Now, somehow, his contract appears to be a bargain.

Though there’s been no solid reporting on the way forward, the Chiefs and Mahomes are expected to revisit his contract in the next year or so, maybe even sooner.

Kansas City Chiefs quarterback Patrick Mahomes

Chiefs QB Patrick Mahomes with Browns QB Jameis Winston

© Scott Galvin-Imagn Images

And former NFL MVP and Super Bowl quarterback Boomer Esiason noted on Twitter/X this week that when it all shakes out, Mahomes could cross the $70 million per year threshold in a new deal.

All Mahomes has done since signing that last contract is win two Super Bowls and earn two Pro Bowl spots, and he led the NFL with 5.250 yards in 2021. Mahomes now has the Chiefs as the top team in the NFL at 15-1, and still holds the all-time record for postseason quarterback rating, at 105.8.

The Chiefs have modified Mahomes’ contract in the past, moving future money into the short-term, as a way to keep his deal on par with the rising market and salary cap. In terms of cash, he is slated to make $67 million per year over the next three years, but eventually, the Chiefs and Mahomes will need to just tear up the current deal and get him into a completely new contract.

And $70 million per year is very likely the starting point.