The Kansas City Chiefs quietly need to create some salary cap space if they're to be players during the upcoming free agency period. 

After applying the franchise tag on CB L'Jarius Sneed, the Chiefs are projected to have $3.4 million in salary cap space per A to Z Sports' calculations. The simple way to clear up their salary cap situation is to shed the $19.8 million the franchise tag guarantees to Sneed by way of a long-term contract extension or a trade. 

Absent that move, the Chiefs have several other options to help themselves free up salary cap space. They already released WR Marquez Valdes-Scantling to free $12 million in salary cap space, but that move alone only gets them to the point they're at now. What other options do the Chiefs have? Let's start with cuts. 

Are there any other cut candidates for the Chiefs?

Valdes-Scantling was the likeliest cut candidate for the Chiefs, but that doesn't mean there aren't others who can free salary cap space. 

Justin Reid is entering the final year of his deal and releasing him would save nearly $11 million with only $3.5 million in dead money. Reid has proven himself as a vital piece on the defense, and given that Mike Edwards is a free agent and Bryan Cook will be working his way back from injury, a release at the safety position seems highly unlikely. 

Charles Omenihu is another option for Kansas City as cruel as it might sound. He tore his ACL in the AFC Championship Game, but a release creates over $7 million in cap space with about $4 million in dead money. This would be a bold move for K.C., even with Omenihu expected to miss some time due to the knee injury. That could change should the team strike a deal with Chris Jones.

While plenty of fans want WRs Kadarius Toney and Skyy Moore gone, don't be fooled. Those moves won't help the Chiefs from a cap space perspective, in fact, they would actually hurt the team. Releasing Toney would cost Kansas City $2.5 million in dead money, and Moore would cost them $1.7 million. It behooves the Chiefs to hold onto both players through the preseason and see if they can't perhaps get something in return for trade, should they be unable to prove themselves worthy of a roster spot in 2024.

Who will the Chiefs restructure to free more cap space?

There are a pair of contract restructures that the Chiefs that make sense in the interim. 

First is RT Jawaan Taylor, who Kansas City is stuck with one way or another after signing a four-year deal last season. A simple restructure of his contract can create over $12 million in salary cap space. I'd expect that one to happen ahead of the start of free agency. 

Next, the Chiefs can restructure the contract of starting LG Joe Thuney and create around $7.5 million in cap space. This one might give the team some pause because it'd mean that Thuney's cap hit in 2025 would exceed the $30 million mark. He already has the second-largest cap hit to anyone not named Patrick Mahomes, but that's a pretty big percentage of the cap to pay to a guard, even if they're a high-level starter.

Expect the Chiefs to wait to restructure a portion of Patrick Mahomes' contract. His newest deal gives the team an early May deadline to convert his roster bonus to a signing bonus.

Do any extension candidates exist for the Chiefs?

The aforementioned Reid, Omenihu, and Thuney contracts could be extended to lower 2024 salary cap hits and create some cap space. I'm not sure how likely any of those situations are, though. 

There is some speculation that the Chiefs approached Omenihu about an extension based on some cryptic tweets, but we've been unable to confirm that. He has made it clear that he wants a new deal.

.@Chiefs DE Charles Omenihu on @gmfb @nflnetwork on if he did enough to potentially get a new deal: "I think I did, to be honest. I think the tape speaks for itself. I showed everybody in the organization, everyone in the league."

— Will Selva (@WillSelvaTV) February 26, 2024

Early extensions for players like Creed Humphrey and Nick Bolton, while prudent, probably wouldn't do much in terms of creating salary cap space. Humphrey costs $5.2 million against the cap in 2024, while Bolton costs $3.5 million against the cap in 2024. 

One player who deserves an extension, who could make sense in this scenario, is K Harrison Butker. Texans K Ka'imi Fairbairn just signed a new three-year deal worth $15.9 million. His $5.3 million average per year ranks fourth in the NFL. Meanwhile, Butker ($4.05M APY) has fallen out of the top 10 in the NFL in terms of average per year. If there's a way to create some breathing room and get Butker a better deal, expect the Chiefs to explore it.

Here’s what Texas WR Xavier Worthy said to Chiefs HC Andy Reid at the 2024 NFL Scouting Combine

Kansas City Chiefs HC Andy Reid and Texas WR Xavier Worthy had a funny interaction during their formal interview at the 2024 NFL Scouting Combine.