The Chiefs have restructured the contract of quarterback Patrick Mahomes by converting $12 million of his roster bonus into a signing bonus, per ESPN’S Field Yates.
This conversion frees up $9.6 million of cap space as the 2023 league year begins.
The $12 million figure represents a little more than one-third of Mahomes’s roster bonus, which is worth $34.4 million. Kansas City could’ve converted more money, as Mahomes’s cap hit is $49.293 million, but the team chose to create just shy of $10 million in cap space as the free agency period began Wednesday.
Mahomes signed a record-setting 10-year, $450 million deal ahead of the 2020 season. In the contract, the Chiefs and Mahomes agreed on the annual option for the restructuring the pact.
The 27-year-old quarterback finished the 2022 season on top with a Super Bowl LVII title and the NFL MVP honor, which was his second time achieving those feats in his career.
