Kansas City Chiefs quarterback Patrick Mahomes (15) watches drills during the team's practice Tuesday in Kansas City, Mo. (AP Photo/Ed Zurga)

KANSAS CITY, Mo. (AP) — Patrick Mahomes is set to be the quarterback of the Kansas City Chiefs well into the next decade.

The Chiefs and the two-time MVP agreed to a restructured contract Wednesday that adds two years to his deal and pushes the total compensation past a half-billion dollars, a person familiar with the terms told The Associated Press. The person spoke on condition of anonymity because the Chiefs do not disclose financial terms of their contracts.

The Chiefs later posted a photo of Mahomes signing his extension on social media.

Mahomes signed a 10-year, $450 million contract in 2020 that set a benchmark not only for the quarterback position but for any football player. The latest extension ties the two-time MVP to the Chiefs through the 2033 season, when Mahomes will be 38, and it comes in at $504.75 million, with incentives and escalators that could push the value $522.25 million.

“Over the last decade, Patrick has become one of the most iconic, beloved sports figures of all time,” Chiefs chairman Clark Hunt said. “He has helped lead our franchise to five Super Bowl appearances and three championships, he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage, and on top of it all he has been an outstanding role model.

“Patrick is a generational talent and an elite human being and I’m so excited he will continue to lead our team into the future.”

The Chiefs and Mahomes regularly rework his contract in the offseason, giving the team the financial flexibility to surround him with enough talent to compete for championships. The latest deal, though, includes a massive pay increase after recent deals done for other quarterbacks — among them Dak Prescott, Jordan Love, Joe Burrow and Josh Allen — had reset the QB market.

Prescott’s four-year deal included a league-leading average of $60 million per year. Mahomes will now average $63.1 million.

“The magic continues,” his agency, Equity Sports, and its chief executive Chris Cabott wrote on social media Wednesday.

Mahomes underwent season-ending surgery last December after tearing ligaments in his left knee in the waning minutes of a loss to the Chargers. He has spent the entire offseason rehabbing the injury in Kansas City, and he has been on the field for the entirety of the Chiefs’ offseason program.