Short Answer 
Endorsement deals involve athletes promoting brands for compensation, often reaching multi-million dollar values, with specific details remaining private. The earnings from such deals can vary based on the athlete’s popularity and contract terms, with Patrick Mahomes likely earning a significant amount from his deal with State Farm.
Step 1: Understand Endorsement Deals
Endorsement deals are agreements where athletes promote brands in exchange for compensation. For high-profile athletes, these deals can be quite lucrative, often falling into the multi-million dollar range. The specifics of these deals usually remain private due to confidentiality agreements.
Step 2: Financial Variability
The financial compensation from an endorsement deal can vary significantly based on several factors. These can include the athlete’s popularity, the brand’s market influence, and the terms outlined in the contract. Typically, these deals incorporate a base salary, performance bonuses, and incentives related to advertisement success.
Step 3: Estimated Earnings for Athletes
While the exact amount that Patrick Mahomes earns from State Farm is not publicly disclosed, it is reasonable to surmise that it is in the multi-million dollar range. Such deals, especially with reputable brands like State Farm, usually provide considerable financial benefits to the athletes involved.