Sources — Patrick Mahomes to restructure Chiefs contract

KANSAS CITY, Mo. – Quarterback Patrick Mahomes will restructure his contract, creating $21.6 million in salary cap space for the Kansas City Chiefs as they seek to win a third straight Super Bowl, sources told ESPN’s Adam Schefter on Tuesday.

Mahomes was scheduled to count on more than $58 million in cap space before the restructuring.

Mahomes, 28, is signed through the 2031 season for a total of nearly $500 million.

Mahomes also restructured his contract before the 2021 season. Last year, he signed an amended contract that raised some of his earnings in future years.

The Chiefs recently spent nearly $20 million on their franchise player, L’Jarius Snead. They signed defensive tackle Chris Jones to a new contract, even though he’s only worth $7.35 million this year.