JUST IN: ESPN’s Adam Schefter indicate that Patrick Mahomes is restructuring his contract to generate $21.6 million in….

The Kansas City Chiefs are following a strategy reminiscent of the New England Patriots’ dynasty era, where Tom Brady often played below his market value to strengthen the team’s roster. While the Chiefs’ dynasty is still in the making, they are adopting a similar approach to sustain success.

Reports from ESPN’s Adam Schefter indicate that Patrick Mahomes is restructuring his contract to generate $21.6 million in salary cap space for the Chiefs this offseason. This marks the second restructuring of Mahomes’ contract in the last six months.

Mahomes originally signed a 10-year, $450 million extension with the Chiefs in the 2020 offseason. Last September, he and the team adjusted the deal, ensuring he would earn $208.1 million from 2023 to 2026. The specifics of this latest financial adjustment were not immediately disclosed. Before the restructure, his contract was set to count $58.6 million against the cap in 2024, as reported by Spotrac.

Heading into the offseason, the Chiefs had $7,478,547 in cap space, ranking 25th in the league.

In the ongoing free-agency period, the Chiefs have kicked off by re-signing defensive tackle Chris Jones to a five-year deal worth $95 million guaranteed. They also placed the franchise tag on cornerback L’Jarius Sneed while negotiating a long-term agreement with him.

Despite Mahomes’ impressive contract, several of his peers have secured deals with higher average annual values. According to USA TODAY Sports’ NFL salaries database, Mahomes was ranked eighth among the highest-paid quarterbacks entering the 2023 season.