In July 2020, Patrick Mahomes bagged the largest contract in NFL history, penning a 10-year, $450 million deal with the Kansas City Chiefs. This agreement proved to be groundbreaking, not only in setting a new standard for quarterback compensation but also in opening an opportunity for other elite signal-callers like Deshaun Watson to negotiate similarly lucrative contracts with their respective clubs.
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Mahomes was part of the same draft class as both Mitch Trubisky and Deshaun Watson in 2017 — and all eventually got picked in the first round. So naturally, the trio forged a good friendship with each other during the Combine. During his recent chat on an episode of ‘QB Unplugged‘ alongside Quincy Avery, Watson revealed that when Mahomes inked his mega-deal, he reached out to the then-Texans’ QB, sharing every aspect of the contract.
The detailed breakdown and invaluable advice provided by the three-time Super Bowl champ helped Watson negotiate his own substantial 5-year, $230 million contract two years later. The Browns QB voiced his gratitude on the podcast.
“I was like alreight, makes sense. I appreciate that, you know what I am saying and that helped me going into my contract,” Watson said.
While Watson signed a 5-year contract as compared to Mahomes’ 10, both have an almost similar average annual salary. The Browns QB earns $46 million a year while the Chiefs QB gets a $45 million annual payout. However, Mahomes’ contract is more lucrative in the long run and could exceed $500 million.
Given the length and numbers behind it, both Watson’s and Mahomes’ contracts are bound to occupy a high percentage of cap space and will carry a huge cap hit, which is not ideal for the two teams with the lowest cap spaces in 2024.
Deshaun Watson Vs Patrick Mahomes Salary Cap Hit 2024
In 2024, Watson’s contract will carry a cap hit of $63,977,000 and a dead cap value of $200,915,000, whereas Mahomes’ will cap hit of $58,608,269 and a dead cap value of $114,146,314, as per Spotrac. The 2-time NFL MVP has restructured his half-a-billion contract multiple times since signing it in 2020 — most recently, in 2023, the Chiefs restructured his contract, which allowed them to move $43.3 million into the 2023-2026 league years, with $208.1M guaranteed.
Deshaun Watson also converted $44.92 million of his 2023 salary into a signing bonus, which allowed the franchise to incorporate a void year into his contract and cleared $35.8 million in cap space last season. However, Watson’s deal is fully guaranteed, which has sparked all sorts of speculations in the past few seasons, as the star QB missed quite a few games due to injuries.
So another restructuring of his contract seems imminent as the Browns are holding only $17.02 million in cap space and could potentially lose 24 players to free agency. While it may not be an immediate necessity to rework the former Clemson QB’s deal, the Cleveland front office might consider it in the immediate future when they decide to rebuild their roster. Such a move could clear $33 million in cap space, according to the Bleacher Report.
Since Mahomes’ colossal contract, eight quarterbacks have inked deals surpassing the $200 million mark, earning, on average, more than the Chiefs’ signal-caller annually. However, during that period, only Patrick Mahomes got to clinch a Lombardi Trophy, while several others failed to even make the playoffs.
The quarterback market, which evolved significantly after Mahomes’ groundbreaking deal, is set for yet another shift as the league increases the cap space by $30 million for the 2024 season. It has been rumored that the Dallas Cowboys are reportedly on the verge of offering Dak Prescott a $60 million-a-year contract, resetting the QB market once again.
