BOSTON (CBS) — The Kansas City Chiefs are going to have their quarterback for a long time. A very long time.

And he’s going to make a lot of money.

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ESPN’s Adam Schefter reported Monday that Patrick Mahomes and the Chiefs have reached an agreement on a 10-year contract extension. The deal was struck with two years still left on Mahomes’ rookie deal, meaning Mahomes and the Chiefs are now in line to be together for the next 12 years.

Originally, Schefter reported that the deal would pay Mahomes some $450 million. As it turns out, that report was low. NFL Network reported that the deal is worth up to $503 million.

Mahomes is coming off a Super Bowl-winning season with the Chiefs, their first title in 50 years. The year before, Mahomes won the NFL MVP Award in his first season as a starting quarterback.

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Drafted 10th overall in 2017, Mahomes has completed 65.9 percent of his passes, averaging 8.6 yards per attempt while throwing 76 touchdowns and 18 interceptions. In five postseason games, he owns a 4-1 record, averaging 294.8 passing yards per game with a total of 13 touchdowns and two interceptions. He earned Super Bowl MVP honors in the Chiefs’ 31-20 win over the 49ers in Super Bowl LIV.