Highest-paid NFL QBs: Where does Patrick Mahomes rank after recent deals?

National Football League

Published Jul. 29, 2024 5:06 p.m. ET

A pair of quarterbacks signed new, massive contracts over the weekend, continuing to push Patrick Mahomes down the list of the NFL‘s highest-paid quarterbacks.

Jordan Love inked a four-year, $220 million extension with the Green Bay Packers that includes $160.3 million guaranteed. The deal brought Love into a tie for the highest-paid quarterback in the league on an average annual basis.

Shortly before Love and the Packers agreed to their extension, Tua Tagovailoa and the Miami Dolphins agreed to a huge extension — a four-year, $212.4 million deal with $167.2 million guaranteed, making Tagovailoa the fourth-highest-paid signal-caller on an average annual basis.

After Love and Tagovailoa’s new deals, Mahomes fell out of the top 10 for the highest-paid quarterbacks on a yearly basis. The Kansas City Chiefs star is tied for 11th in average annual salary for a quarterback, earning $45 million per year.

While some might view the three-time Super Bowl winner’s contract as underpaid, Mahomes doesn’t see it that way.

“Not necessarily,” Mahomes said when asked if he felt he’s underpaid on his current contract. “I think we do a great job of managing my money, to be able to pay me a lot of money and keep a good team around me. I know we’ve kind of restructured it a couple of times and got the cash flow up in certain spots and [in] certain years. It’s about having a good dialogue [and] good communication with the front office, with ownership. We’ve done that here.

“We’ve been able to allow me to be a highly-paid guy while at the same time build a great team around me.”

Mahomes is in the midst of a 10-year, $450 million deal that he signed in 2020. Even though the two-time MVP is arguably the league’s most accomplished QB, he doesn’t harbor any hard feelings toward others getting paid more than him.

“It’s awesome for the quarterback position,” Mahomes said. “I know every time a contract comes up, everybody looks at my APY (average per year) and everything like that. I’m doing pretty well myself. For me, it’s just about going out there trying to win football games, trying to make money for my family at the end of the day. I feel like I’m doing a great job of that.”

Most of the quarterback contract situations have been resolved for this offseason. Dak Prescott could still climb his way atop the list, though, as he enters the final year of his current deal. The Dallas Cowboys have indicated they’re fine with letting the 2024 season play out before giving Prescott a new deal.

As we await to see what Dallas does next, here’s a look at the current highest-paid QBs on an average annual basis.

How do Tua Tagovailoa and Jordan Love’s deals impact Dak Prescott, Cowboys?

T1. Joe Burrow, Cincinnati Bengals($55 million)

Burrow earned the claim of becoming the NFL’s highest-paid quarterback when he signed a five-year, $275 million deal in September 2022. The deal included $219 million in guaranteed money, giving him a slight edge over the other top quarterbacks who signed rich extensions during the 2022 offseason.

T1. Jordan Love, Green Bay Packers ($55 million)

Love moved into a tie for the claim as the highest-paid quarterback with the completion of his extension. He signed a four-year, $220 million deal with the Packers that included $160.3 million in guaranteed money.

T1. Trevor Lawrence, Jacksonville Jaguars ($55 million)

Lawrence was also able to stake his claim as the highest-paid quarterback in the NFL this offseason. He signed a five-year, $275 million deal with the Jaguars in June, matching Burrow’s contract in value. However, Lawrence is making a little less in guaranteed money than Burrow, receiving $200 million guaranteed.

4. Tua Tagovailoa, Miami Dolphins ($53.1 million)

Tagovailoa was able to claim that his contract was the largest four-year deal in NFL history for a few hours last week. He inked a four-year, $212.4 million contract with the Dolphins, which included $167.2 million in guaranteed money.

Dolphins sign Tua Tagovailoa to a 4-year extension

5. Jared Goff, Detroit Lions ($53 million)

Goff was previously one of the league’s highest-paid quarterbacks after signing a four-year, $134 million deal with the Los Angeles Rams in 2019, but he slowly fell down this list in recent years. After a strong season with the Lions in 2023, Goff earned another big contract extension, signing a four-year, $212 million deal ($170.6 million guaranteed) in May.

6. Justin Herbert, Los Angeles Chargers ($52.5 million)

Herbert briefly held the claim as the highest-paid quarterback in the NFL last summer. He signed a five-year, $262.5 million contract with $18.7 million guaranteed in July 2023. Just over a month after Herbert signed his deal, Burrow edged him out for the honor.

7. Lamar Jackson, Baltimore Ravens ($52 million)

A couple of months before Herbert signed his deal, Jackson also signed a contract that briefly made him the highest-paid quarterback in NFL history. He signed a five-year, $260 million deal with $185 million guaranteed in April 2023. As Jackson was on the franchise tag at the time of his signing, he became the highest-paid free agent in NFL history.

8. Jalen Hurts, Philadelphia Eagles ($51 million)

Just 10 days before Jackson inked his contract with the Ravens, Hurts signed a deal that also made him the highest-paid quarterback in NFL history in April 2023. The Eagles gave Hurts a five-year extension worth $255 million with $180 million guaranteed after he led them to the Super Bowl.

9. Kyler Murray, Arizona Cardinals ($46.1 million)

Murray became the second-highest-paid player on an average annual basis when he signed his extension in July 2022. He received a five-year deal worth $230.5 million with $159.8 million guaranteed.

10. Deshaun Watson, Cleveland Browns ($46 million)

Watson’s contract has often been pointed to as the deal that caused quarterback salaries to explode over the last couple of offseasons. As part of his trade from Houston to Cleveland, Watson signed a five-year, fully guaranteed $230 million extension with the Texans. It was the largest contract in NFL history at the time and the deal also included the most guaranteed money ever for a contract in NFL history — a record that still stands.

T11. Kirk Cousins, Atlanta Falcons ($45 million)

Cousins signed another large contract as a free agent this offseason, agreeing to a four-year, $180 million deal with the Falcons in March. The contract included $100 million in guaranteed money.

Is Kirk Cousins worth the money?

T11. Patrick Mahomes, Kansas City Chiefs ($45 million)

Five months after leading the Chiefs to a Super Bowl win, Mahomes inked the largest contract in American sports history at the time. He signed a 10-year, $450 million extension in July 2020. Mahomes had been surpassed in average annual value in recent years, so he restricted his deal in September 2023 to one that would pay him $210.6 million between the 2023 and 2026 seasons, which is the highest cashflow for a quarterback in the league over that stretch.

“We do a great job,” Mahomes said of his contract. “When I restructured, kind of moving money around the last time, we talked about a certain year when we were going to go back and do it again. It’s about having that plan, that constant communication, and we have that here. I’m happy to see guys going out and getting as much money as possible. That’s awesome for the sport. … We have a great communication system where I feel like we’ve done the best with what we can do.”

12. Josh Allen, Buffalo Bills ($43 million)

Following his breakout season in 2020, Allen was rewarded with a contract that made him one of the highest-paid quarterbacks in NFL history at the time. He signed a six-year, $258 million deal ($150 million guaranteed) in August 2021.

T13. Dak Prescott, Dallas Cowboys ($40 million)

After multiple seasons of contract drama, Prescott and the Cowboys came to a resolution ahead of free agency in March 2021. Prescott inked a four-year, $160 million deal with $126 million guaranteed. He also received a $66 million signing bonus, which was the highest ever in NFL history at the time. As that contract nears its expiration, the Cowboys and Prescott find themselves in a similar situation ahead of the 2024 season.

Will Dak Prescott retire as a Cowboy?

T13. Daniel Jones, New York Giants ($40 million)

The Giants rewarded Jones after he took them to the playoffs in 2022, giving him a four-year, $160 million deal with $104 million guaranteed before he was set to hit free agency in March 2023.

T13. Matthew Stafford, Los Angeles Rams ($40 million)

Stafford was rewarded with an extension after leading the Rams to a Super Bowl in 2021. He signed a four-year, $160 million deal with them in March 2022. Stafford actually received an adjustment on his contract, reportedly earning $5 million more upfront in 2024.