Mahomes signed a 10-year contract worth up to $450 million in 2020. He has nine years remaining on the deal. The revision moves up a portion of the money from the last five seasons to the first four, giving him $210.6 million over that span – the most over any four seasons in NFL history.
The Chiefs and Mahomes' representatives have agreed to meet again and discuss the future at some point in 2026.
"You have a lot of great players that I want to be here so we can win a lot of Super Bowls," Mahomes said. "I want to make a lot of money, but I also want to win. You look back at players, and you look back at how they won and the perception of how they did things, and that’s what I want to try to manage."
In a few months, the Chiefs will also have to decide on All-Pro defensive tackle Chris Jones' future with the franchise. Jones held out this offseason and sat out of the team's season opener amid a contract dispute. He later agreed to a reworked one-year deal.
Elsewhere, offensive lineman Donovan Smith, linebacker Willie Gay Jr. and cornerback L’Jarius Sneed are also staring ahead at the possibility of free agency.
Then there are Pro Bowl center Creed Humphrey, right guard Trey Smith and standout linebacker Nick Bolton, who are all eligible for contract extensions after the season – and all will command a hefty price.
Mahomes added that he was not focused on necessarily landing the most lucrative contract, he instead wanted to find the right deal.
"I’ve always kind of liked it," Mahomes said of the negotiating process. "If I didn’t become an NFL player, I wanted to be a sports agent or work in sports marketing. I’ve always wanted to help players. I know I’m doing it a different way than some people, but I feel like it’s the right way for me. ... Hopefully, I’m giving us a chance to go out there and win football games as well."
Chiefs coach Andy Reid praised Mahomes for his ability to keep an even keel even as the value of his contract has soared.
"He’s not big on all of that. He just kind of moves through it like most things and wants to keep getting better," Reid said, "and that is what he’s doing. That’s what makes him unique. You don’t sit there and say, ‘Oh, he’s going to have a letdown.’ You just say, ‘Hey, congrats,’ and keep moving. That’s how he rolls. But I’m happy for him."
The Associated Press contributed to this report.