Chiefs QB Patrick Mahomes' new deal created $2.5M in 2023 salary cap space
Kansas City Chiefs QB Patrick Mahomes' renegotiated contract is helping the team out with their finances too. The Chiefs were short on salary cap space heading into the 2023 NFL season for a variety of reasons. They now have more than enough salary cap space to operate with during the course of the year. According […]
Kansas City Chiefs QB Patrick Mahomes' renegotiated contract is helping the team out with their finances too.
The Chiefs were short on salary cap space heading into the 2023 NFL season for a variety of reasons. They now have more than enough salary cap space to operate with during the course of the year.
According to Over the Cap, the Chiefs had just under $2.7 million in salary cap space available for 2023 prior to the Mahomes' restructured contract. They've nearly doubled that amount with the renegotiated deal.
As first reported by ESPN's Field Yates, the Mahomes restructure clears $2.5 million in new salary cap space. This comes from converting $2.5 in other bonuses due in 2023 to a signing bonus. It brings the Chiefs' total cap space for 2023 up to nearly $5.2 million.
Your first reaction might be to say, "Well, who are they signing with that money?"
The answer: Probably no one.
As Yates suggests, this is all about in-season operating costs. This money is likely going to be reserved for those no-fun transactions throughout the 2023 NFL season. Things like signing practice squad players to the 53-man roster and placing players on injured reserve. Those all contribute to salary cap costs.
Anything that is left over will be rolled over into the 2024 NFL offseason.
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