Trade, Extend, or Play It Out: What Should the Chiefs Do With CB L'Jarius Sneed?

After placing the franchise tag on cornerback L'Jarius Sneed, the Kansas City Chiefs have a few options. Should they trade or extend Sneed, or try to play out the tag?

Now that the Kansas City Chiefs have officially placed the franchise tag on cornerback L'Jarius Sneed, the team and Sneed both know exactly where they stand ahead of NFL free agency. Sneed could still sign a long-term deal with the Chiefs, could be traded to another team, or could play out 2024 under the franchise tag, with potential holdout issues along that third path.

So where do the Chiefs and Sneed go from here? Which of those routes makes the most sense for both team and player? Arrowhead Report deputy editor Jordan Foote and I take a look at where both sides stand and what the future could hold for the Chiefs and their star cornerback.

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Joshua Brisco: Let's start here: Everybody loves L'Jarius Sneed. I don't think I've ever heard a bad word about Sneed from anyone in the Chiefs' organization. He's a tremendous player and a great fit for KC's defense. He's a remarkable success story, starting as a fourth-round draft pick in 2020 out of Louisiana Tech and completing his rookie contract as a two-time Super Bowl champion and one of the best cornerbacks in football.

With all of that said, I think a trade is coming. Sneed wants to get paid, and he's earned that payday. I believe the Chiefs would be interested in bringing Sneed back, even with a hefty price tag, but they seem to be prioritizing defensive tackle Chris Jones's pending extension, and I think that's the right move. Sneed is one of the stars of a stupendous cornerback group, with Trent McDuffie set to enter his third season along with fellow 2022 draft picks Joshua Williams and Jaylen Watson. Add in the return of defensive coordinator Steve Spagnuolo and defensive backs coach Dave Merritt and I'm willing to bet on KC continuing to develop young corners through the draft. With a trade, Sneed gets paid and the Chiefs get rewarded for developing an excellent player. 

Jordan Foote: Ditto to everything you opened with on Sneed. He's a terrific example of being found on Day Three of the draft, developed, and then promptly cashing out when you've earned it. The Chiefs find themselves in a unique spot with him. As you mentioned, there's a ton of depth at corner even without him and the coaching those players (and a potential 2024 draft addition) receive is elite. At the beginning of the offseason, my plan would've been to pay Sneed and let Jones walk, but I didn't expect a trade to be entertained. Now that it's actually here and seemingly on the table, even if it's unfortunate, making that happen ASAP makes a ton of sense. If he wants anything more than the one-year franchise tag ($19.8M) on average, you have to move him.

However, there appears to be a bit of a disconnect between what folks want the Chiefs to net in a trade and what they will likely end up getting. In the more modern NFL, only bona fide studs like Jalen Ramsey have fetched a first-round pick or more. My initial estimate for a Sneed trade was a pick somewhere in the 60-80 range and perhaps a late asset. Does that return too light, too heavy or just right? A team like the Detroit Lions has an appealing slate of picks.

Joshua Brisco: I think you're right about the potential return, but I'm also in a bit of denial about it myself. Again, that entire development and growth process between Sneed and the team feels like it should net a premium pick that could turn into an impact player, but teams rightly won't easily trade away first-round picks for players who will also immediately sign massive contracts. Any team that acquires Sneed will have to pay twice — first in draft picks, then in salary.

With Detroit specifically picking near the back of each round, I wonder if a late second-rounder (No. 61 overall) and a decent day-three pick (fifth-rounder, No. 162 overall) would be enough to give the Chiefs ammunition to reload their roster with more rookie contracts to offset the cost of their blue-chip players. Alternatively, the Philadelphia Eagles hold No. 50 and No. 53 overall; perhaps one of those picks could get it done singlehandedly. Any chance the Chiefs just try to get Sneed to play out the tag?

Foote: It seems fairly unlikely. On the surface, stomaching a $19.8M cap hit for a season of Sneed's prime (his age-27 campaign) is worth it. He's a great player, and top-paid corners are worth that much on a per-year basis. On the other hand, being on the books for that much implies the Chiefs carried that sizable cap charge throughout the entire offseason and didn't benefit from a lower first-year figure on an extension or entire relief via trade.

After seeing how last offseason unfolded with Chris Jones's contract dealings and uncertainty, it's hard to see Kansas City letting Sneed have that much power over their financials. Should Jones test the open market, though, things could absolutely change. In that event, retaining Sneed becomes not only more important but also more likely. The odds would probably tip in the other direction if Sneed becomes a pressing long-term focal point again.

Brisco: I'm with you across the board there. Even with Ian Rapoport tweeting, "If no trade, he may just play on the tag," I'm not sold. Playing out the tag is a fair compromise for both sides, but it would be an unsatisfying end for both too. Sneed doesn't get his mega-payday and the Chiefs don't get long-term control/cap flexibility or an asset in return. If Sneed played for KC in 2024 and left in March 2025, he could leave in free agency and net a compensatory pick for the 2026 draft, but that's far enough down the road that I imagine both parties would prefer a more long-term solution well before the NFL Draft, if not before free agency officially begins.

Chiefs Finalize Franchise Tag for L'Jarius Sneed