Report: Chiefs exercise Mahomes' 5th-year option

The Kansas City Chiefs have picked up the fifth-year option on star quarterback Patrick Mahomes' rookie contract, a source told Ian Rapoport of NFL Network.

The 2018 MVP and reigning Super Bowl MVP is now reportedly under contract through the 2021 season. He's projected to earn around $24 million under the option unless he and Kansas City agree to an extension.

Mahomes is all but certain to become the highest-paid player in the league whenever he signs his first NFL extension. Russell Wilson currently tops the market at $35 million per season, but it's been speculated that the Chiefs quarterback could surpass $40 million annually.

It was reported in January that Kansas City was looking to finalize a "mammoth" extension with Mahomes once the collective bargaining agreement was completed. The new CBA was finalized in March.

Mahomes has taken the NFL by storm in two seasons as a starter.

After being taken with the No. 10 pick in the 2017 draft and sitting behind Alex Smith for one season, Mahomes won the MVP award by joining Tom Brady and Peyton Manning as the only quarterbacks to throw for over 50 touchdowns and 5,000 yards in a single campaign.

The 24-year-old led the Chiefs to victory in Super Bowl LIV against the San Francisco 49ers in his third NFL season. He threw for 286 yards and two touchdowns against two interceptions and ran in another score as Kansas City scored 21 fourth-quarter points to earn a 31-20 comeback win.