For the first time in his career, Patrick Mahomes will be eligible for a contract extension this offseason, and after watching him blossom into one of the best quarterbacks in the NFL, the Kansas City Chiefs are planning to do the obvious thing: They're going to handsomely reward their franchise quarterback with a record-setting mega-deal.

During a Sunday appearance on "The NFL Today," CBS Sports NFL Insider Jason La Canfora reported that the Chiefs are planning to give Mahomes an extension worth at least $40 million per year, which would smash the record for highest average annual salary. La Canfora also reported that the new deal will almost certainly include more than $100 million in guaranteed money, which could also end up breaking a record.

The record for biggest overall contract currently belongs to Matt Ryan, who signed a five-year, $150 million extension with the Falcons in May 2018. Although Ryan has the biggest overall contract, Russell Wilson currently has the highest average annual salary on his deal. The Seahawks quarterback is pulling in $35 million per year thanks to a four-year, $140 million extension he signed in April. Although it's not clear what the length of the new contract would be for Mahomes, he could end up signing a deal worth $200 million total if he signs a five-year extension that pays him $40 million per year.

As far as guaranteed money goes, Ryan holds the record there. According to Over the Cap, Ryan received $94.5 million at signing when he inked his new deal. Rams quarterback Jared Goff has the record for a total guarantees ($110 million), but that's paid out over multiple years, instead of being guaranteed the day that he signed his contract.

Mahomes and the Chiefs are expected to work out the new deal at some point this offseason and negotiations will likely heat up shortly after the Super Bowl. According to La Canfora, Texans quarterback Deshaun Watson will also get a new deal this offseason, but he'll likely wait until after Mahomes signs, because he knows the Chiefs quarterback is going to reset the QB market, which almost certainly will mean more money for Watson.

On Mahomes' end, the Chiefs are currently getting him for a bargain. As the 10th overall pick in the 2017 draft, Mahomes earned a slotted four-year rookie deal worth $16.4 million. Thanks to his rookie contract, the Chiefs only had to pay him $645,000 in base salary for the 2019 season. In 2018, the Chiefs only had to pay him $555,000 in base salary, which was an absolute bargain for a player who led them to the AFC title game while winning the MVP and becoming just the third quarterback in NFL history throw 50 or more touchdown passes in a season.