Last year, quarterback Patrick Mahomes signed a 12-year contract with the Chiefs. This year, quarterback Josh Allen signed an eight-year contract with the Bills. Let’s take a look at the similarities and the differences.
Both deals use so-called “guarantee mechanisms,” a process of rolling triggers that will (beyond the amount guaranteed at signing) provide security for typically two seasons into the future. That makes it harder for the team to have the kind of year-to-year flexibility that the Packers currently have with Aaron Rodgers.
The Mahomes contract has a base value of $477.631 million over twelve years. (Widely characterized as a half-billion-dollar contract, Mahomes needs to hit various incentives to reach that number.) That equates to an average of $39.8 million at signing. (The extension has a base value of $450 million over 10 years, creating the new money average of $45 million.)
The Allen contract has a base value of $284 million over eight years. That equals to an average of $35.5 million at signing. (The extension has a base value of $258 million over six years, creating the new money average of $43 million.)
Mahomes received a $10 million signing bonus. Allen gets $16.5 million to sign.
Mahomes had $63 million fully guaranteed at signing. Allen gets $100 million fully guaranteed at signing.
It’s also useful to compare the deals based on year-by-year cash flow.
For year one, Mahomes got $10.825 million. Alen gets $20 million.
For year two, Mahomes gets $22.8 million ($33.625 cumulative). Allen gets $47 million ($67 million cumulative).
For year three, Mahomes gets $29.45 million ($63.075 million cumulative). Allen gets $28 million ($95 million cumulative).
For year four, Mahomes gets $40.45 million ($103.525 million cumulative). Allen gets $30 million ($125 million cumulative).
For year five, Mahomes gets $37.95 million ($141.475 million cumulative). Allen gets $39.5 million ($164.5 million cumulative).
For year six, Mahomes gets $41.95 million ($183.425 cumulative). Allen gets $38.5 million ($203 million cumulative).
For year seven, Mahomes gets $41.95 million ($225.375 million cumulative). Allen gets $40 million ($243 million cumulative).
For year eight, Mahomes gets $59.95 million ($285.325 million cumulative). Allen gets $41.55 million ($284.55 million cumulative).
After that, Allen’s contract ends. Mahomes has four years left, at another $192.3 million.
The early cash flow for Allen is vastly superior to the Mahomes contract. Mahomes eventually catches up. Through eight years, Mahomes will make $285.325 million ($35.6 million per year), and Allen will make $284.55 million ($35.57 million).
The difference in the full-contract average value comes from the final four years of the Mahomes deal, during which he’ll average $48.075 million per year.
If both continue to play the way they have performed to date in their careers, both will eventually get new contracts. For now, though, Allen emerged with a shorter commitment and far more cash over the first four years of the contract.