Hypothetical stats:
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His current completion percentage is 67.1%. If every dropped ball had been caught, his completion percentage would be 74% which would be 4% better than any other starting QB (Brock Purdy at 70%) in the league.
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If the Chiefs had the average amount of dropped balls (11) instead of the most (26), Mahomes completion percentage would be 71% for best in the league.
If you took all of Josh Allen’s incompletions and made them touchdowns instead, he would have 138 on the year (including the 22 passing touchdowns he already has) which would make him the clear front runner for MVP.