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According to ESPN's Adam Schefter, the Chiefs and quarterback Patrick Mahomes
have reached agreement on a 10-year contract extension worth up to $503 million that ties him to Kansas City through the 2031 season, league sources told ESPN's Adam Schefter.

The injury guarantee in the contract is $140 million, a source told Schefter.

Mahomes, the No. 10 overall pick in 2017, has two years remaining on his rookie contract.

As NFL.com suggests, a 10-year agreement is nearly unheard of in the current era of free agency when some players are signing shorter deals to get more bites at the free-agent apple -- think Kirk Cousins in Minnesota.

Given the length of the deal, specifics on guaranteed money, potential opt-outs and other characteristics of the historic pact will be necessary to analyze the extension fully.

What we don't need to analyze is this: The Chiefs are all in on Mahomes -- as they should be.

After famously sitting his first season, Mahomes has set the NFL on fire the past two years, earning two Pro Bowl bids, first-team All-Pro honors in 2018, the NFL MVP, the Super Bowl MVP and a Lombardi Trophy.

Mahomes averages 302.4 passing yards per game, including playoffs, the most in NFL history, per NFL Research. The youngest player to win the Super Bowl MVP also currently enjoys the highest passer rating in NFL history at 108.9 (No. 2 on the list is Aaron Rodgers at 102.4). In 2018, Mahomes joined Peyton Manning (2013) as the only two players in NFL history to post 5,000 passing yards and 50-plus TDs in a season. Mahomes has 9,412 pass yards in 31 career regular-season starts (the most among players in first 31 starts since 1950).

The Chiefs have led the NFL with 31.2 points per game since Mahomes became the starter and also rank No. 1 in yards per play (6.5) and third-down percentage (47.4) since his promotion.

Mahomes' new deal puts a stamp on the fact that the Chiefs quarterback is the new face of the NFL along with other young signal-callers like Deshaun Watson and Lamar Jackson. Mahomes is a player who can make every throw look easy, has a rocket for an arm, is as intelligent as they come and is the model teammate.

Turning 25 in September, Mahomes will be 36 when his new contract ends. In today's NFL, that's considered middle-aged.

The Chiefs never shied away from the fact that they'd have to make Mahomes the highest-paid player in NFL history. The team knew what it'd take to ensure a once-in-a-generation talent like Mahomes went nowhere.

So while the news doesn't come as a huge surprise, it's certainly worth noting. And it's certainly something Dynasty managers invested in Mahomes will whole-heartedly welcome.