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Report: Patrick Mahomes to restructure contract, saving Chiefs $17 million in 2021 cap space

ESPN’s Adam Schefter was first on the story.

NFL: Super Bowl LIV-San Francisco 49ers vs Kansas City Chiefs Matthew Emmons-USA TODAY Sports

The Kansas City Chiefs are restructuring quarterback Patrick Mahomes’ contract in a move that would save the club $17 million against the 2021 NFL salary cap, as first reported by ESPN’s Adam Schefter.

Schefter notes that the team will convert Mahomes’ $21.7 million roster bonus to a signing bonus in the coming days, which would save Kansas City $17 million against the cap. If the math is right, based upon what we know, that would put the chiefs roughly $13 million under the cap just in time for the league’s new year on March 17.

NFL Network’s Tom Pelissero added a note regarding language in Mahomes’ contract, which sees him in Kansas City for the next 11 seasons.

What will this mean for the Chiefs in free agency? Stay tuned.