After being drafted 10th overall at the 2017 NFL Draft, Mahomes spent a year backing up Alex Smith before moving into the starter's role in 2018.
In a later tweet, Schefter explained that the new deal gives Mahomes the richest contract ever.
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. The exact terms of the contract are yet to be determined but, considering he's got the most expensive contract ever, we can only imagine what kind of bank he'll be making every year.
Hundreds arrested as crime chat network cracked
The multiyear investigation resulted in arrests in France, the Netherlands, U.K., Sweden and Norway, Europol announced Thursday . This operation demonstrates that criminals will not get away with using encrypted devices to plot vile crimes under the radar.
Since taking over in Kansas City, Mahomes has become one of the faces of the NFL, representing a big part of the league's next generation of quarterbacks. Along with that, his contract could reportedly be worth more because Mahomes' salary is tied to a certain percentage of the Kansas City Chiefs' total cap.
He's entering the final year of his rookie deal with a fifth-year option - at $24.87 million U.S. - available for 2021. Meanwhile, the highest-paid player in the National Football League by average annual salary is Seattle Seahawks quarterback Russell Wilson, who is now playing on a four-year, $140 million contract that pays him $35 million per season. The 10-year extension puts him under contract with the Chiefs for the next 12 seasons.