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Patrick Mahomes' 10-year extension to the Kansas Metropolis Chiefs is value greater than $ 400 million

Patrick Mahomes # 15 of the Kansas City Chiefs holds up the Lamar Hunt Trophy after defeating the Tennessee Titans in the AFC Championship Game at Arrowhead Stadium on January 19, 2020 in Kansas City, Missouri.

Tom Pennington

The Kansas City Chiefs and Super Bowl quarterback Patrick Mahomes have reportedly approved a 10-year extension worth more than $ 400 million.

Mahomes, who led the Chiefs to their first Super Bowl win in 50 years, is now able to rank among the highest paid players in the National Football League with its new contract, which has a total value of $ 450 million to reach $ 503 million, according to ESPN and NFL.com. Born in Texas, this year should earn around $ 2.7 million, signing the fourth part of the five-year rookie contract he signed with the Chiefs in 2017.

Steinberg Sports & Entertainment, who represents Mahomes, did not immediately respond to a request for comment.

If Mahomes dwarfed $ 500 million, it would be the biggest sports order. According to Forbes, boxer Floyd Mayweather previously agreed to his own planned $ 450 combat contract with Showtime. Last March, Los Angeles Angels outfielder Mike Trout approved a contract worth more than $ 400 million.

Jeff Bottari / Zuffa LLC | Getty Images

In February, Mahomes became the youngest quarterback to win the Super Bowl MVP award after leading the Chiefs to the fourth quarter rally to beat the San Francisco 49ers 31:20 in the Super Bowl LIV. Mahomes also sold Tom Brady, formerly New England Patriots and now with the Tampa Bay Buccaneers, as the NFL merchandise king.

"I want to have a legacy," Mahomes told CNBC in an interview after his Super Bowl win. "But I understand how much hard work it will take."

Steve Scebelo, interim president of NFL Players, the licensing and marketing arm of the National Football League Players Association, said that Mahomes' support outside of the Kansas City market has contributed to increased sales of products with the outstanding feature of the former Texas Tech University.

"Success outside the field and leadership," said Scebelo. "He comes across as someone fans can take root for. The State Farm ads show you how part of the personality gets through, and he's just someone fans think they can connect with and for whom they want to take root. "

In addition to contracts with Oakley, State Farm, Adidas, and Procter and Gamble, Mahomes also has local endorsements with companies in Kansas City, such as the CommunityAmerica Credit Union and the private jet company Airshare, a contract that Mahomes signed in 2018.

"His value as an endorser has increased significantly in the past two years," said Scott Rosner, academic director of the sports management program at Columbia University. "Not only has it increased its value, but it can also position itself in different ways from a branding perspective."

WATCH: Patrick Mahomes & # 39; agent in the making of a household name.

An earlier version of this story did not include updated Patrick Mahomes contract numbers.

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