The Chiefs made it official today, announcing that they have placed the non-exclusive franchise tag on cornerback L’Jarius Sneed. Sneed was one of the key contributors to the Chiefs defensive success and should be in line to earn a top tier contract at the position. The Chiefs have indicated according to reports that they would be open to trading Sneed while on the tag.

The one year tender is worth $19.802 million. While tendered Sneed is still capable of negotiating with other teams in the NFL just as any other free agent. The cost of signing another team’s franchise player is two first round draft picks but there is nothing that prevents a team from working out a deal with the Chiefs for less compensation. This is most likely how the situation would play out with the Chiefs taking less than two first rounders in exchange for Sneed if he can find a contract in free agency from a team willing to part with a draft pick. If Sneed signs the tender the $19.802 million is fully guaranteed. He can still be traded even after signing the tender.

The Chiefs use the franchise tag more than any other team in the NFL. They have used the tag on Branden Albert in 2013, Justin Houston in 2015, Eric Berry in 2016, Dee Ford in 2019, Chris Jones in 2020, and Orlando Brown in 2022. Houston and Jones were signed to long term contracts while tagged, Berry played out his tag and then re-signed with the Chiefs the following year. Ford was traded in 2019 while Albert and Brown left the Chiefs the season after playing on the tag.

The Chiefs currently have about $3.5 million in cap room following the tag being placed on Sneed.