LAS VEGAS, NEVADA - FEBRUARY 12: Quarterback Patrick Mahomes #15 of the Kansas City Chiefs answers questions during a news conference for the winning head coach and MVP of Super Bowl LVIII at the Mandalay Bay Convention Center on February 12, 2024 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)

Ethan Miller/Getty Images

ESPN NFL insider Dan Graziano explained on Monday how Kansas City Chiefs quarterback Patrick Mahomes could restructure his contract for the 2024 season to help the team retain a key contributor.

Per Spotrac, Mahomes has a cap hit of roughly $58.6 million for the 2024 campaign. However, Graziano wrote that the Chiefs could do a “full restructure” on his compensation next season to open up more cap space.

This would be done by “converting all but the required $1.21 million veteran minimum salary to a signing bonus and also converting his $34.9 million roster bonus to a signing bonus,” giving Kansas City more flexibility.

Mahomes’ cap hit would be reduced to around $23 million from the original $58.6 million, giving the Chiefs $57 million in total cap space to work with.

Graziano noted that the savings provided by a potential restructure would roughly amount to the cost of retaining star defensive tackle Chris Jones on a franchise tag. Per Over the Cap, the 2024 franchise tag for defensive tackles is expected to be just over $20.9 million.

Jones has been a crucial part of Kansas City’s three Super Bowl victories since 2019, as he’s been named to the Pro Bowl in each of the past five seasons. In 2023, he recorded 10.5 sacks and 13 tackles for loss throughout 16 regular-season starts.

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A restructure between Mahomes and the Chiefs regarding his 10-year, $450 million deal that he initially signed in 2020 doesn’t seem far-fetched. In fact, the two sides already agreed to a restructure in Sep. 2023.

Now, both Mahomes and the Chiefs’ front office could return to the negotiating table to keep a player such as Jones in Kansas City.