The cost of Mahomes: Why the Chiefs' latest salary cap maneuvers have just triggered a financial crisis for 2027
Kansas City may have bought financial relief for today, but the price could be a much bigger problem tomorrow
The Kansas City Chiefs have solved one salary-cap problem, but they've created another that could become far more painful.
Restructuring Trey Smith's contract has given Kansas City roughly $13.8 million in immediate 2026 cap space. The move gets the team into a much healthier position for the season, but it also pushes more financial pressure into the future.
Smith's restructure converted $18.5 million of his salary into a bonus, lowering his 2026 cap hit to approximately $12.1 million.
The decision makes sense from a short-term perspective, particularly after the Chiefs entered the offseason around $55 million over the cap and had to make difficult roster decisions.
However, the money hasn't disappeared. It's simply been shifted, with Smith's future cap figures expected to climb above $34 million in both 2027 and 2028.
That creates a major headache for general manager Brett Veach, especially because Smith isn't the only expensive player demanding attention.
Mahomes is the financial domino
The biggest concern is Patrick Mahomes . The Chiefs recently extended their superstar quarterback through 2033 in a deal worth $504.75 million, making it the first NFL contract to surpass $500 million.
While committing that kind of money to a player of Mahomes ' caliber is hardly surprising, the structure of the contract is now creating serious challenges for Kansas City's future cap situation.
Mahomes ' projected 2027 cap charge sits around $90 million, according to current projections. That number is enormous, and another restructure appears to be one of the most obvious ways for Kansas City to create immediate flexibility.
The Chiefs have already shown they're willing to take that route. In February, they restructured Mahomes ' contract by converting $44.05 million of his 2026 base salary and a $10.4 million roster bonus into a fully guaranteed roster bonus. The move created approximately $43.56 million in cap space.
Doing something similar again could give the Chiefs tens of millions in short-term relief. The downside is that it would add even more money to future seasons, potentially creating an even larger problem down the road.
There are plenty of other expensive contracts to consider, too. Chris Jones carries a projected 2027 cap figure of $38.1 million, while Nick Bolton is at $19.25 million and Noah Gray at $7 million.
With Smith's future numbers rising and Mahomes ' enormous cap charge looming, Kansas City has very little room for error.
The Chiefs have already released Jawaan Taylor and Mike Danna to save roughly $28.3 million and also moved on from Wanya Morris and Zacch Pickens. Those decisions helped bring the team back toward financial stability, but they're signs of how difficult the situation has become.
Meanwhile, keeping the offensive line intact remains critical. Smith missed much of August with a hip injury but returned for the preseason finale, emphasizing that he doesn't want to leave teammates taking extra reps.
His availability will be especially important with Mahomes returning from a serious knee injury.
Kansas City has bought itself breathing room for 2026. The problem is that the bill for those decisions is coming due in 2027, and Mahomes ' $90 million cap hit could make that bill enormous.
