KANSAS CITY, Mo. -- Quarterback Patrick Mahomes will restructure his contract, creating $21.6 million of salary cap space for the Kansas City Chiefs as they look to win their third straight Super Bowl, sources told ESPN's Adam Schefter on Tuesday.

Mahomes was scheduled to count more than $58 million against the cap before the restructure.

Mahomes, 28, is signed through the 2031 season at a total cost of almost $500 million.

Mahomes restructured his contract before the 2021 season, as well. He signed a revised contract last year that moved up some money he was scheduled to receive in later years of the deal.

The Chiefs recently made cornerback L'Jarius Sneed their franchise player at a cost of almost $20 million against their cap. They also signed defensive tackle Chris Jones to a new contract, though he will count only $7.35 million against their cap this year.