The Kansas City Chiefs signed Super Bowl MVP quarterback Patrick Mahomes to a 10-year contract extension that will make him the highest paid player in NFL history.

The 24-year-old will receive a deal that is estimated to be worth $503 million – the richest value deal in sports history, according to ESPN. According to Spotrac, Mahomes will net an annual salary of $47.7 million and will earn $140 million guaranteed upon signing.

Also, the deal includes a no-trade clause, $477 million in guarantee mechanisms, and outs in the deal if the aforementioned mechanisms aren’t honored.

One key component to this contract that makes it rather intriguing is that it doesn’t begin until the 2022 season. Therefore, Mahomes will be 37-years-old when the contract expires.

Soon after reaching the record-setting agreement, Mahomes posted a video to Twitter proclaiming that he was here to stay and that he was “chasing a dynasty.”

Mahomes, who led the Chiefs to three straight double-digit comebacks in the playoffs en route to the Chiefs winning Super Bowl LIV against San Francisco last February, becomes the fifth quarterback in the last 20 years to sign a 10-year deal. The previous quarterbacks include Drew Bledsoe, Daunte Culpepper, Brett Favre, and Michael Vick. None of those quarterbacks played out the length of their deal.

So, Mahomes has won a league MVP, Super Bowl MVP, and Super Bowl all in his first three years in the league. Having said that, this is quite the gamble to pay the former Texas Tech quarterback to such an outrageously rich deal.

To put Mahomes’s incredible deal into some context, Tampa Bay Buccaneers quarterback Tom Brady earned a grand total of over $235 million in 20 years with the New England Patriots.

The funniest part of the Mahomes deal is his base salary for the ’20 season will be a paltry $825,000.

What a world.