Chiefs to Restructure Patrick Mahomes' Contract, Freeing $20M+ in Cap Space

The Kansas City Chiefs are making a strategic move to create salary cap space before the deadline. They plan to restructure Patrick Mahomes’ contract, converting part of his roster bonus into a signing bonus. This manoeuvre will generate over $20 million in salary cap relief for the team.

All NFL teams must comply with the salary cap by Wednesday afternoon. This restructuring will help the Chiefs stay within the cap limit of $255.4 million for the 2024 season. Previously, the Chiefs were projected to be over the cap, but this move will put them in a better financial position.

With the additional cap space, the Chiefs can be more active in free agency. They have been relatively quiet in the market so far, aside from re-signing Chris Jones. This restructuring could enable them to pursue other top free agents, particularly wide receivers who are still available.

Additionally, the freed-up funds could be used to extend cornerback L’Jarius Sneed, who is currently under the franchise tag. Sneed has expressed his desire to remain with the Chiefs, and this move could facilitate contract negotiations between the two parties.

Chiefs to Restructure Patrick Mahomes' Contract, Freeing $20M+ in Cap Space

The Kansas City Chiefs’ decision to restructure Patrick Mahomes’ contract is a strategic move that will provide them with much-needed salary cap relief.

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By freeing up over $20 million, the Chiefs can now be more active in free agency and address key areas of their roster. This manoeuvre underscores the team’s commitment to maintaining competitiveness and making smart financial decisions to build a winning team.