Patrick Mahomes and the Kansas City Chiefs agreed to a 10-year, $450 million contract extension through 2031, ESPN reported Monday.
It is the richest contract in the history of North American team sports and includes an injury guarantee of $140 million, according to ESPN's Adam Schefter.
Mahomes, 24, was the NFL Most Valuable Player in 2018 and guided the Chiefs to a Super Bowl championship last season.
Prior to the Chiefs' monumental win in February, Chiefs CEO Clark Hunt said the quarterback would be with the team long-term.
"There will be a right time sometime in the next 12 to 15 months to extend Patrick, and when I say right time, I mean right time for both the player and the club," Hunt said before Super Bowl LIV. "I don't want to say necessarily it has to be this offseason, but I will say that it's a priority to get him done. I hope Patrick is here for his entire career, and that's going to be our goal."
Mahomes is entering the final year of his rookie deal at $2.8 million in 2020 with his fifth-year option slotted at $24.8 million in 2021. The Chiefs are adding 10 years to his contract for a total of 12 seasons remaining in Kansas City, per Schefter.
In those 12 seasons, he will earn at least $477.6 million, surpassing the 12-year, $426.5 million contract signed by Los Angeles Angels outfielder Mike Trout in March of 2019. At the time, Trout's contract was the largest ever in North America.
In his first 31 games, Mahomes has a 24-7 record with 76 touchdown passes and 17 300-yard games with the Chiefs.
The Chiefs return 20 of their 22 Super Bowl starters in 2020.
Previously the NFL's highest-paid quarterback was Russell Wilson of the Seattle Seahawks, who signed a four-year, $140 million deal in April 2019 for an annual average value of $35 million. His contract includes $107 million guaranteed and Wilson turns 32 in November.
Mahomes' agreement with the Chiefs is the first to exceed 10 years in the NFL since Donovan McNabb with the Philadelphia Eagles in 2002.
Mahomes would be signed through his age 36 season.
--Field Level Media