Sources - Chiefs, Patrick Mahomes agree to 10-year, $400 million-plus extension - ESPN

Adam Schefter breaks down some details of Patrick Mahomes' 10-year, $450 million contract extension with the Chiefs.

The Chiefs and Super Bowl MVP quarterback Patrick Mahomes have reached agreement on a 10-year contract extension that ties him to Kansas City through the 2031 season, the team announced Monday.

"Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports," Chiefs chairman Clark Hunt said in a statement about the quarterback who led them to their first championship in 50 years.

The Chiefs picked up Mahomes' fifth-year option for the 2021 season in April, putting him under contract for the next two seasons.

The 10-year extension puts him under contract with the Chiefs for the next 12 seasons.

The Chiefs added $25 million in incentives over 10 years for Mahomes.

The Chiefs had said they intended to sign their franchise quarterback to an extension but had previously indicated it might not happen until after this season.

Dan Orlovsky explains why Patrick Mahomes' 10-year extension with the Chiefs is good for all parties involved.

Mahomes became the youngest quarterback to be named Super Bowl MVP, helping the Chiefs erase a 10-point fourth-quarter deficit by leading three touchdown drives.