“Patrick Mahomes is the 15th highest-paid quarterback, on average, in this league,” Tracy said. “That is the net effect of doing such a large deal, which was overblown and everybody cried about it at half-a-billion dollars when it was signed, but it’s utter value right now. It’s not like K-Mart value, but it’s pretty good value.”

Mahomes delivers elite results at below-market price

And the numbers don’t lie. Since becoming the Chiefs‘ starter in 2018, Mahomes has accumulated three Super Bowl titles, five straight AFC Championship appearances, and 17 playoff victories.

All this while being paid less annually than quarterbacks like Deshaun Watson, Daniel Jones, and Kirk Cousins. The fact that Mahomes’ deal no longer cracks the top ten in average annual salary is a testament to Kansas City’s foresight and timing.

It’s not just the results that matter-it’s also how Mahomes’ lower salary has helped the Chiefs build around him. With more financial flexibility, the team has continued to invest in its defense, skill players, and offensive line, creating a sustainable structure that can contend annually.

In a league where handing massive contracts to the wrong quarterback can derail a team’s trajectory for half a decade, the Chiefs have made arguably the most calculated gamble in NFL contract history-and it’s paying off in trophies.

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Meanwhile, in San Francisco, the 49ers are testing the limits of the quarterback market. Former last-pick-turned-NFC-Champion Brock Purdy inked a new five-year, $265 million deal, becoming the latest name added to the $50 million-per-year quarterback club.

“This is the tipping point for almost all organizations, once you pay the quarterback what the quarterback demands,” said the Locked on Chiefs podcast. “I think at this point it’s just folly. There are multiple quarterbacks, in this league now, that are making $50 million that are distributors of footballs… But top of the market money belongs for those that just push the game vertically.”