Chiefs Restructure Patrick Mahomes’ Contract: Still Have To Deal With Tough Cap Space Situation

The Kansas City Chiefs have restructured Patrick Mahomes’ contract. 

Part of Mahomes’s contract has been converted into a signing bonus. His 2026 salary cap hit will be $34 million. His cap hit for the next four seasons has increased by an average of $11 million. 

Mahomes is currently recovering from two torn ligaments in his left knee. Mahomes told ESPN he hopes to be ready for Week 1 of the 2026 season. However, most league sources expect Mahomes to miss at least part of the 2026 season.

In 2025, the Chiefs finished with a 6-11 record. This caused them to miss the playoffs for the first time since 2014. Even with Mahomes at quarterback, the team went just 6-8. Despite this, Mahomes still looked strong individually with 22 touchdowns and 11 interceptions.

The Chiefs’ offense was surprisingly bad. They had the No. 21-ranked offense in the league. Offensive coordinator Matt Nagy left this offseason to join the New York Giants. The Chiefs brought back Eric Bieniemy as their new offensive coordinator. Bieniemy was the offensive coordinator from 2018 to 2022. He won two Super Bowls during this time. Beyond just the Super Bowls, Mahomes had his four best individual seasons with Bieniemy at OC. 

Despite the restructuring of Mahomes’ contract, the Chiefs still don’t have a lot of cap space to work with. Over the cap estimates that the Chiefs have a negative $11 million in cap space. The Chiefs could also look to restructure the contracts of other veteran players. Franchise legend Travis Kelce is currently not under contract for 2026.

NFL free agency will begin on March 11. The Chiefs will look to navigate their tough cap situation and improve their offense. March 9 is the start of the legal tampering period. This is when teams can negotiate with players, but can’t sign them until free agency begins.