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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.
Patrick Mahomes pending contract restructure that will save the Chiefs about $17 million against the cap will allow KC to do some free-agent shopping.... https://t.co/py1pVGCxVm
— Adam Schefter (@AdamSchefter) March 12, 2021
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.
#Chiefs QB Patrick Mahomes’ contract, like many, has automatic conversion language that allows the team to convert salary or bonuses to a signing bonus at any time to create cap space. It’s anticipated KC will do that in the coming days, as almost every team is doing right now.
— Tom Pelissero (@TomPelissero) March 12, 2021
What will this mean for the Chiefs in free agency? Stay tuned.