Photo: Jamie Squire/Getty Images

Kansas City Chiefs quarterback Patrick Mahomes signed a 10-year contract extension on Monday worth up to $503 million, ESPN reports.

Why it matters: It's the largest contract in the history of American sports and almost double the career earnings of Eli Manning, the highest-paid player by salary in NFL history.

  • "We're staying together ... for a long time. We're chasing a dynasty," Mahomes said in a video posted on Twitter.

The big picture: Mahomes' 12-year deal — a 10-year extension, plus two years on his current contract — is incredibly rare. The Dallas Cowboys' Tyron Smith is the only other NFL player with a contract lasting more than six years.

Zoom out ... Highest average annual contract value by sport, per ESPN:

  • NBA: Damian Lillard ($49m)
  • NFL: Mahomes ($45m)
  • MLB: Gerrit Cole ($36m)
  • NHL: Connor McDavid ($12.5m)

Go deeper

How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

Apple's antitrust fight turns Epic

Illustration: Aïda Amer/Axios

Millions of angry gamers may soon join the chorus of voices calling for an antitrust crackdown on Apple, as the iPhone giant faces a new lawsuit and PR blitz from Epic Games, maker of mega-hit Fortnite.

Why it matters: Apple is one of several Big Tech firms accused of violating the spirit, if not the letter, of antitrust law. A high-profile lawsuit could become a roadmap for either building a case against tech titans under existing antitrust laws or writing new ones better suited to the digital economy.

Survey: Fears grow about Social Security’s future

Data: AARP survey of 1,441 U.S. adults conducted July 14–27, 2020 a ±3.4% margin of error at the 95% confidence level; Chart: Naema Ahmed/Axios

Younger Americans are increasingly concerned that Social Security won't be enough to wholly fall back on once they retire, according to a survey conducted by AARP — in honor of today's 85th anniversary of the program — given first to Axios.

Why it matters: Young people's concerns about financial insecurity once they're on a restricted income are rising — and that generation is worried the program, which currently pays out to 65 million beneficiaries, won't be enough to sustain them.