The Kansas City Chiefs kick off a new season looking to “run it back” as Super Bowl champions. It’s a season that promises to be unlike any in National Football League history, due to the coronavirus.
Beyond raising health and safety concerns, the pandemic also threatens key sources of revenue for the NFL and its teams. But that hasn’t stopped Kansas City from spending aggressively in recent months.
Here’s a look at a half-dozen figures that help tell the financial story of the 2020 Chiefs:
The Chiefs are at an all-time franchise high in value, currently worth $2.5 billion dollars, according to Forbes. That’s an increase of about 9% from last year and ranks 23rd in the league.
That’s the potential value of the contract extension signed this summer by Chiefs star quarterback Patrick Mahomes, giving him the richest deal in professional sports history. The 10-year extension includes over $200 million guaranteed, according to Spotrac.
Two other Chiefs stars, defensive tackle Chris Jones and tight end Travis Kelce, were rewarded with four-year contract extensions. Jones’ contract is worth around $85 million, and Kelce’s is valued at roughly $57 million, according to Spotrac.
The Chiefs are one of just a handful of teams that will allow fans in their stadium to start the season, capping Arrowhead Stadium attendance at 22% of normal capacity. Still, they are still projected to lose over $160 million in ticket sales, TicketIQ reports.
Some estimates suggest the NFL salary cap could be $20 million lower next year due to revenue declines from COVID-19. That size of decline would put the Chiefs about $11 million over the cap with how their roster is currently constructed, according to Over The Cap.
Star players weren’t the only Chiefs to ink contract extensions in the offseason. The team also agreed to six-year extensions with general manager Brett Veach and coach Andy Reid, ESPN reported last week. The contracts with Veach, 42, and Reid, 62, will run through 2025.
6 to 1
The Chiefs enter the season as the Las Vegas favorites to win the Super Bowl, with roughly 6-to-1 odds of repeating as champions, according to The Lines, which provides a consensus estimate based on odds from multiple oddsmakers.