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The Kansas City Chiefs are one of the most successful and popular teams in the NFL, having won two Super Bowls and four AFC championships. Led by star quarterback Patrick Mahomes, the Chiefs have a high-powered offense that can score points in bunches. But how much do the Chiefs spend on their players, and how do they manage their salary cap? In this article, we will look at the Chiefs’ salary cap situation for 2023, their net worth contract with Mahomes, and their upcoming schedule for the 2023-24 season.
What is the salary cap and how does it work?
The salary cap is a limit on the amount of money that each NFL team can spend on its players’ salaries and bonuses. The cap is set by the league and the players’ union, and it is based on a percentage of the league’s total revenue. The cap is designed to create competitive balance among the teams and prevent some teams from spending too much and dominating the league.
The salary cap for 2023 is $224.8 million per team, which is a record high and an increase of $16.6 million from 2022. The cap is expected to rise even more in the future, as the league signed new TV deals with various networks that will bring in more revenue.
Each team has to comply with the salary cap by the start of the new league year, which is March 15, 2023. Teams can adjust their cap space by signing, releasing, trading, or restructuring players’ contracts. Teams can also carry over unused cap space from one year to the next, which gives them more flexibility.
How much cap space do the Chiefs have for 2023?
The Chiefs have $14.1 million in cap space for 2023, as of August 22, 2023. This ranks 13th among all NFL teams. The Chiefs have $221.7 million in total cap commitments for 2023, which includes $134.3 million in dead cap. Dead cap is the amount of money that counts against the cap for players who are no longer on the team, either because they were released, traded, or retired.
The Chiefs have some big contracts on their books, especially for their offensive stars. Mahomes has a cap hit of $39.7 million for 2023, which is the highest in the league. Tight end Travis Kelce has a cap hit of $14.8 million, wide receiver Marquez Valdes-Scantling has a cap hit of $11 million, and running back Clyde Edwards-Helaire has a cap hit of $3.4 million.
On defense, defensive tackle Chris Jones has a cap hit of $28.3 million, which is the second-highest in the league for his position. Safety Justin Reid has a cap hit of $12.7 million, cornerback Trent McDuffie has a cap hit of $3.2 million, and linebacker Nick Bolton has a cap hit of $1.6 million.
The Chiefs also have some notable free agents for 2023, such as wide receiver Tyreek Hill, defensive end Frank Clark, linebacker Anthony Hitchens, and cornerback L’Jarius Sneed. The Chiefs will have to decide whether to re-sign them or let them walk.
What is Mahomes’ net worth contract and how does it work?
Mahomes signed a 10-year contract extension with the Chiefs in July 2020 that could be worth up to $503 million, making it the largest contract in sports history. The contract includes $141.5 million in guaranteed money at signing, and another $63 million in injury guarantees.
The contract also has several mechanisms that can increase or decrease its value over time. For example, Mahomes can earn $1.25 million each year if he wins the MVP award or leads the Chiefs to the Super Bowl. He can also lose $2.5 million each year if he fails to participate in at least 80% of the team’s offseason workouts.
The contract also has annual roster bonuses that are paid out in March of each year, starting from 2021 to 2031. These bonuses range from $21 million to $49.4 million, depending on the year. The Chiefs can convert these bonuses into signing bonuses at any time, which would spread out their cap impact over several years and create more cap space in the short term.
The contract also has club options that allow the Chiefs to opt out of the deal after certain years, starting from 2024 to 2031. These options are triggered by guaranteeing Mahomes’ salary and roster bonus for two years ahead of time. For example, if the Chiefs exercise their option for 2024, they would guarantee Mahomes’ salary and roster bonus for 2026. If they decline their option, they would owe Mahomes a termination fee of $2.5 million and he would become a free agent.
The contract also has a no-trade clause, which means that Mahomes cannot be traded without his consent. The contract also has a clause that prevents the Chiefs from using the franchise tag on him after the deal expires.
What is the Chiefs’ upcoming schedule for the 2023-24 season?
The Chiefs’ schedule for the 2023-24 season was released in May 2023. The schedule features 17 regular-season games and three preseason games, as part of the league’s new format. The Chiefs will play six games against their AFC West rivals (the Denver Broncos, the Las Vegas Raiders, and the Los Angeles Chargers), four games against the NFC North teams (the Chicago Bears, the Detroit Lions, the Green Bay Packers, and the Minnesota Vikings), four games against the AFC South teams (the Houston Texans, the Indianapolis Colts, the Jacksonville Jaguars, and the Tennessee Titans), one game against the Buffalo Bills (the team that finished first in the AFC East in 2022), one game against the Miami Dolphins (the team that finished second in the AFC East in 2022), and one game against the Philadelphia Eagles (the team that finished fourth in the NFC East in 2022).
The Chiefs will also play one international game in London, England, against the Dolphins, as part of the NFL International Series. This will be the Chiefs’ second appearance in London, after they beat the Lions 45-10 in 2015.
The Chiefs’ schedule : upcoming event
Preseason:
- Week 1: at New Orleans Saints (August 13, 12:00 PM CDT)
- Week 2: at Arizona Cardinals (August 19, 7:00 PM CDT)
- Week 3: vs Cleveland Browns (August 26, 12:00 PM CDT)
Regular season:
- Week 1: vs Detroit Lions (September 7, 7:20 PM CDT)
- Week 2: at Jacksonville Jaguars (September 17, 12:00 PM CDT)
- Week 3: vs Chicago Bears (September 24, 3:25 PM CDT)
- Week 4: at New York Jets (October 1, 7:20 PM CDT)
- Week 5: at Minnesota Vikings (October 8, 3:25 PM CDT)
- Week 6: vs Denver Broncos (October 12, 7:15 PM CDT)
- Week 7: vs Los Angeles Chargers (October 22, 3:25 PM CDT)
- Week 8: at Denver Broncos (October 29, 3:25 PM CDT)
- Week 9: vs Miami Dolphins in London (November 5, 8:30 AM CST)
- Week 10: Bye
- Week 11: vs Philadelphia Eagles (November 20, 7:15 PM CST)
- Week 12: at Las Vegas Raiders (November 26, 3:25 PM CST)
- Week 13: at Green Bay Packers (December 3, 7:20 PM CST)
- Week 14: vs Buffalo Bills (December 10, 3:25 PM CST)
- Week 15: at New England Patriots (December 18, 7:15 PM CST)
- Week 16: vs Las Vegas Raiders (December 25, 10: 00 AM CST)
- Week 17: vs Cincinnati Bengals (December 31, 3: 25 PM CST)
- Week 18: at Los Angeles Chargers (January 7, TBD)
Conclusion
The Kansas City Chiefs are a formidable team that has a lot of talent and a lot of money invested in their players. The Chiefs have to manage their salary cap wisely and make smart decisions on who to keep and who to let go. The Chiefs also have to face a tough schedule that includes some of the best teams in the league and a trip across the Atlantic. The Chiefs will have to overcome these challenges and prove that they are still among the elite teams in the NFL.
Most asked questions and answers
Q1. How much is Patrick Mahomes’ contract worth?
A1. Patrick Mahomes’ contract is worth up to $503 million over 10 years, with $141.5 million guaranteed at signing and another $63 million guaranteed for injury.
Q2. How much cap space do the Chiefs have for 2023?
A2. The Chiefs have $14.1 million in cap space for 2023, as of August 22, 2023. This ranks 13th among all NFL teams.
Q3. Who are the Chiefs’ free agents for 2023?
A3. The Chiefs’ free agents for 2023 include wide receiver Tyreek Hill, defensive end Frank Clark
