Mahomes on 10-year deal: 'You never know what can happen in this sport'

It isn't a surprise that Patrick Mahomes became the highest-paid quarterback in the NFL. However, instead of signing a four- or five-year pact that would give him a chance to reset the position market again, the Super Bowl LIV MVP essentially decided to become a member of the Kansas City Chiefs for life.

"Signing a short-term contract (is) kind of that bet-on-yourself type of thing, but also, you never know what can happen in this sport. I think that's the biggest thing about football," Mahomes said in a press conference Tuesday, also mentioning the overall economic uncertainty at present.

He added, "I just wanted to have the security of knowing that I'm going to be a Kansas City Chief for a long time. ... We did a good job with (agent) Chris (Cabott) and (general manager) Brett (Veach) and all of those guys of having enough money to pay all the guys around me. ... We're going to be a good football team for a long time."

Mahomes inked a historic 10-year contract extension with the Chiefs on Monday. Including the two years left on his rookie contract, he'll have a chance to earn $503 million over the next 12 seasons.

The megadeal, which is the richest contract in sports history, runs through 2031 and carries a base value of $477 million over those 12 years, with an extra $25 million available in incentives.

Head coach Andy Reid's intent to stick around and Veach's recent performance also played a role in Mahomes' decision.

"I talked to (Reid) I think before I signed the deal, and what he said that he had no thoughts of even retiring anytime soon. Obviously that's a huge part in it," Mahomes said. "I think having Brett Veach, a young general manager who's done a great job of drafting and putting a lot of great players around me, was definitely another huge boost of confidence."

Reid, 62, ranks sixth in NFL history with 207 regular-season wins, the second-most among active head coaches.

Mahomes has taken the league by storm since he became a starter in 2018, one year after being drafted 10th overall.

During the 2018 regular season, he became the second quarterback in NFL history to amass at least 5,000 passing yards and 50 touchdowns. In the following campaign, Mahomes helped the Chiefs win their first Super Bowl in 50 years.