The Half Billion Dollar Kid: Mahomes’ Maturity Manifests in Mammoth Money
July 9, 2020
(Photo Credit: Getty Images)
You don’t have to be an avid sports fan or watch a Chiefs game for very long to understand that Patrick Mahomes is one special kid.
What he brings to the game is never before seen. His speed, his courage to stay in the pocket, the ridiculous throws that only he attempts and completes connect with ease capped with a wry smile has not been seen often in the NFL. He’s one in a million now making a half billion with a newly minted and history-making 10-year contract deal extension announced this week.
Breaking the Mold, Making the Mold
Needless to say, Mahomes has literally broken the mold on the quarterback position for a game that itself is changing in a big way. Now, it’s just as easy to say that he has created a mold that future players should reference from a business, personal and team spirit point of view.
So often in the business of professional sports we read the stories about players getting a sweet deal and living for the short term, blowing their stacks before they even reach the bank in some cases.
What we are hearing about Mahomes and his deal is that – at a mere 25 years old – he approached his negotiations with the maturity of a man twice his age. He understood the opportunity before him and zeroed in on the long-term.
Coach Andy Reid was heard on the team’s ZOOM call as saying, “That’s a bold move; we’ve gone above and beyond and found something that is phenomenal for Pat and his family, and also for the Kansas City Chiefs. And Pat was so, so aware of the surroundings – like he is on everything – of making sure that not only was his deal done, but also, almost to a tee, he wanted the organization to have an opportunity to be able to bring in players. In this day and age, that unselfishness is a tough thing to find at times. So, my hat goes off to him, and his maturity in this whole thing…”
GM Brett Veach had similar sentiments, “…he’s a special kid. And at such a young age, he’s so mature and he understands big-picture thinking. And he understands that there needs to be a sense of long-term thinking, and “I want to win a long time here in Kansas City; there are only certain ways that can be possible; and this is what’s important for me. I know I’m gonna be taken care of the rest of my life, but I want to leave behind a legacy, and Kansas City’s the place I want to do it.”
Critics Gonna Hate, Mahomes is Gonna Bank
The critics out there are arguing that his deal may not be all that and a bag of chips when compared to other big deals in the industry as a whole. Some point to the lopsided structure of the payouts with the biggest money getting paid in the latter half of his contract. The bottom line is that Patrick Mahomes children’s children’s children are set for life even if the contract doesn’t play out for all ten. We know he is guaranteed at least $63 million, and if he properly manages JUST that money for the next 30 years, he’s an easy billion dollar plus kid.
What’s more, some aren’t accounting for what will certainly be a decade of sizeable endorsement deals on top of his contract. Super Bowl wins and MVP trophies have their perks.
As a financial educator for the sports and entertainment worlds, this is one I will continue to watch. I have no doubt this kid is gonna play it smart from here on out because that’s all he’s done so far – on the field and now off. He is the epitome of leadership. He gets the big picture. In his own words, Mahomes said, ““
“It’s never been about the money to me. It’s been about going out there and having success and building a legacy and doing it the right way.”
If I had one piece of advice, I’d say keep that mindset, bank your NFL earnings and live off the endorsement money. You’ll walk away with more than the contract potential as both an NFL and financial champ. The massive amounts of dough after that are just lots and lots of gravy on top, just hold firm to the ladle.
July 19, 2021
NIL: Is it a Lifeline or Losing Proposition for Student Athletes?
As both states and colleges wrestle with the implementation of NCAA rules changes that now allow student athletes to make an income from their Name, Image and Likeness (NIL), a much larger question is coming to the forefront: What role will those states – and, more importantly –the educational institutions play in equipping their student athletes with the knowledge base that will most certainly be necessary to ensure the power of their earnings is fully realize?