Ian Rapoport notes this will likely end up being a record-setting contract.
Matt Ryan currently has the biggest quarterback deal after signing his five-year, $150 million extension. $94.5 million of that is guaranteed. Russell Wilson is next at four years, $140 million and a higher annual value at $35 million per year.
If the goal is to give Mahomes a record deal, that could mean something in the five-year, $200 million range ($40 million AAV). Jared Goff, who is at least a tier below Mahomes in terms of talent, just received a four-year, $134 million deal with $57 million guaranteed.
If Mahomes gets a $200 million contract, he should be able to swing at least $100 million in guarantees, given Ryan's $94.5 million and Kirk Cousins' $84 million.
Mahomes is already playing at an elite level and should have had a better chance to post back-to-back 5,000-yard seasons if not for some injuries in 2019. If his comparisons are Ryan, Wilson, Goff, and Cousins, then Mahomes is in great shape to get a $200 million contract.