The Kansas City Chiefs announced on Monday that they have officially placed the franchise tag on pending free agent CB L'Jarius Sneed. 

We have placed the Non-Exclusive Franchise Tag on CB L'Jarius Sneed. pic.twitter.com/xF3XLjlqVk

— Kansas City Chiefs (@Chiefs) March 4, 2024

This was an expected move for the team. Chiefs GM Brett Veach indicated this was coming during his media availability at the 2024 NFL Scouting Combine. Multiple reports since have indicated that the Chiefs intended to place the tag on Sneed. 

The non-exclusive franchise tag would pay Sneed $19.8M during the 2024 NFL season and will count against the cap for that much beginning March 13. It also leaves open the option of a potential tag-and-trade scenario. Sneed's agent has been permitted to seek out a potential trade partner. 

What would an extension look like for Chiefs CB L'Jarius Sneed?

A to Z Sports' Josh Quiepo and Kyle Dediminicantanio project that Sneed will earn a four-year deal worth $64.0M in free agency, which would certainly be doable for the Chiefs, but only if it were structured properly. 

That contract is slightly bigger than the one Charvarius Ward received from the San Francisco 49ers a year ago. They're both in similar situations where they've seen postseason success, but little in the way of accolades like Pro Bowl selections and All-Pro awards.

The latest on a tag-and-trade scenario for Chiefs CB L'Jarius Sneed

We recently dove into the latest news surrounding interested parties and potential compensation for Chiefs CB L'Jarius Sneed. Two NFC teams and an AFC team have been mentioned as potential suitors for a tag-and-trade. Here's what we learned on a package of trade compensation:

Our initial estimation of trade compensation might have been on the conservative side. I felt that given his resume, a top-100 pick and a late-round pick in 2024 were the best-case scenario, but it sounds like Brett Veach is firm in his asking price. Multiple sources have suggested that the Chiefs could receive as many as two picks on Day 2 in 2024 for Sneed, with a Day 3 pick swap between the two clubs in 2025 where KC would send back a higher pick. That's even with recent rumors about some teams flagging Sneed's lingering knee injury as a potential issue (keep in mind, he only missed preseason games with that injury). 

The latest rumored trade compensation is a high second-round pick, which suggests the Miami Dolphins might be back in the fold. 

Does a third option for Sneed and the Chiefs exist?

NFL Network's Ian Rapoport mentioned on Monday that playing on the tag is an option for Sneed. Previous indications showed that Kansas City was not interested in playing Sneed on the $19.8M franchise tag number in 2024, but that might have changed with another team making a big move on Monday. 

The Chiefs were expected to be a big player in the market for WR Mike Evans, who re-signed with the Buccaneers on a two-year deal. Absent another big-name wide receiver on the market, Brett Veach could be inclined to keep Sneed, even if it means sinking a large salary cap hit on the shutdown cornerback.

How does this impact a deal for DT Chris Jones?

The Chiefs don't have a way to prevent Jones from hitting free agency now that the tag has been applied to Sneed. The absence of getting a deal done with Jones before they applied the tag to Sneed gives his agents a bit of leverage in negotiations, but also a March 11 deadline to get a deal done ahead of the legal tampering period. As of this morning, the tone remained optimistic around the league that a deal with Jones would get done. I don't think this changes the end goal for either side much, if at all. 

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