Patrick Mahomes has agreed to a 10-year contract extension with the Kansas City Chiefs

The rich just got richer.

Breaking: The Chiefs and Patrick Mahomes have agreed on a 10-year contract that will be the richest contract in NFL history. (via @AdamSchefter) pic.twitter.com/1aCQ1BiB4m

— FOX Sports: NFL (@NFLonFOX) July 6, 2020

On Monday, reigning Super Bowl MVP Patrick Mahomes signed a 10-year contract extension with the Kansas City Chiefs.

Patrick Mahomes for the rest of today probably: pic.twitter.com/YJjFwtNpUL

— FOX Sports (@FOXSports) July 6, 2020

The details of the contract have yet to emerge, but according to NFL insider Adam Schefter, the decade-long contract extension is the richest in league history.

Patrick Mahomes’ 10-year — 10-year! — contract extension that ties him to Kansas City through the 2031 season will be the richest contract in NFL history.

— Adam Schefter (@AdamSchefter) July 6, 2020

Combined with Mahomes’ current contract, Mahomes will remain in Kansas City through 2031.

Patrick Mahomes had two years remaining on his contract, and he and the Chiefs are adding on 10 more, making it a a new 12-year contract in total.

— Adam Schefter (@AdamSchefter) July 6, 2020

The richest contract in NFL history in terms of value belongs to Atlanta Falcons quarterback Matt Ryan, who signed a 5-year, $150 million extension in May 2018.

Matt Ryan has agreed to a 5 year extension with @AtlantaFalcons that makes him first $30 mill per year QB w $100 mill guaranteed, per league and team sources.

— Chris Mortensen (@mortreport) May 3, 2018

In terms of annual salary, Seattle Seahawks quarterback Russell Wilson leads the pack. In April of last year, Wilson signed a 4-year, $140 million deal which pays him $35 million annually.

The biggest contract in NFL history.@DangeRussWilson. Got. PAID. ? pic.twitter.com/KTZN1spQsO

— NFL (@NFL) April 16, 2019

Clearly, if Mahomes’ contract outdoes both Ryan’s and Wilson’s, it will be a something to behold.

“Exclusive” look at how the negotiations went that led to Patrick Mahomes’ new 10-year deal. pic.twitter.com/qgn0feGQNG

— FOX Sports: NFL (@NFLonFOX) July 6, 2020

One Kansas City legend is ecstatic that his former team wrapped up the contract negotiations with its franchise superstar early.

Let’s go!! 10 more years of seeing @PatrickMahomes in a @Chiefs uniform! Big day for KC! Hope it’s front loaded. https://t.co/XgdDEAYbUF

— Tony Gonzalez (@TonyGonzalez88) July 6, 2020

Mahomes isn’t the first big name to earn historic money during this offseason. Carolina Panthers running back Christian McCaffrey signed a record-breaking 4-year, $64 million contract extension with the Carolina Panthers in mid-April, making him the highest-paid running back in NFL history.

Carolina’s Christian McCaffrey is signing a four-year extension, averaging $16 million per year, making him the highest-paid running back in NFL history, sources tell ESPN.

— Adam Schefter (@AdamSchefter) April 13, 2020

There are a number of NFL stars that are next in line for a huge deal, and one name that comes to mind is Dallas Cowboys quarterback Dak Prescott.

Prescott and the Cowboys have been going back and forth for months, but on June 22, Prescott officially signed his franchise tag tender with the team.

Cowboys officially have received Dak Prescott’s signed, $31.4 million exclusive franchise tender, per source.

The two sides have until July 15 to work out a long-term deal, otherwise one cannot he done until after this season. Clock running but Prescott under contract for 2020.

— Adam Schefter (@AdamSchefter) June 22, 2020

He then celebrated in style.

However, despite signing the franchise tag tender, Prescott and the Cowboys are hoping to get a long-term deal done in the near future.

And now that Mahomes has officially signed an extension in Kansas City, the quarterback market will presumably balloon, meaning Prescott could be in line for a bigger payday than he initially expected.