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Kansas City Chiefs quarterback Patrick Mahomes agreed to lower his salary cap number from $78.2 million to $34.65 million, which will free up $43.56 million in cap space ahead of a crucial offseason, ESPN reports.
Mahomes, 30, can receive the additional money later in his contract or tun his salary into bonuses for future seasons. The Chiefs were previously in the red in salary cap space at $18 million over the mark prior to the move, having missed the postseason for the first time in Mahomes' career last season after a 6-11 regular season finish, which coincided with the quarterback throwing for career lows as a starter in passing yards (3,587) and passing touchdowns (22) before suffering a torn ACL on December 14, with a timetable for his return undetermined.
Kansas City is also facing tight end Travis Kelce's potential retirement decision and the opportunity to bring back wide receiver Tyreek Hill -- who spent his first six seasons with the franchise -- after he was released by the Miami Dolphins on Tuesday (February 17). The Chiefs have several high-priced veterans signed to contracts, with defensive tackle Chris Jones accounting for a $44.85 million cap hit.
Offensive linemen Jawaan Taylor and Trey Smith are also signed to deals paying them more than $24 million during the upcoming 2026 season. The NFL free agency signing period will officially begin at 4:00 p.m. ET on March 11 after a two-day legal tampering period for negotiations.