Chiefs convert Mahomes’ 2026 salary into signing bonus to free cap space

The Kansas City Chiefs restructured Patrick Mahomes' contract, converting about $54.45 million of his 2026 salary into a signing bonus to drop his 2026 cap hit from $78.2 million to $34.65 million and create roughly $43.56 million in cap space, though the team remains about $11 million over the cap. The move is the first in a busy offseason that could include further restructures (potentially for Chris Jones) and adjustments as KC eyes needed upgrades and potential departures (Chenal, Watson) with questions about Mahomes’ 2026 availability and Kelce’s retirement looming.