Report: KC Chiefs Apply Franchise Tag to Star CB L'Jarius Sneed

The Chiefs are using their 2024 franchise tag on cornerback L'Jarius Sneed. What does that mean, and what's next for both sides?

UPDATE: Contrary to Schultz's report, it doesn't appear that the Chiefs have officially applied the tag just yet. Ian Rapoport of NFL Network indicates that it's still an expected measure. 

The original story continues below.

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With the 2024 NFL Scouting Combine taking place this week in Indianapolis, all 32 teams have representatives in town to take a look at this year's draft prospects. Additionally, plenty of critical offseason discussions will take place and teams will oftentimes meet with agents to break ground on contract talks. 

It's also a time for franchise tags to be applied, which is exactly what the Chiefs are doing. 

Per a Wednesday morning report from Jordan Schultz of Bleacher Report, the Chiefs' 2024 tag is officially going to cornerback L'Jarius Sneed.

"BREAKING: The #Chiefs have placed the franchise tag on CB L'Jarius Sneed, sources tell Bleacher Report," Schultz wrote. "Kansas City’s priority is to extend Chris Jones for now and they’ll see what happens with Sneed after."

BREAKING: The #Chiefs have placed the franchise tag on CB L'Jarius Sneed, sources tell @BleacherReport. It will cost a little over $19M.

Kansas City’s priority is to extend Chris Jones for now and they’ll see what happens with Sneed after. pic.twitter.com/RBfalU55bd

— Jordan Schultz (@Schultz_Report) February 28, 2024

Before the recent announcement of the 2024 NFL salary cap, Sneed's franchise tag amount was projected to slot in at $18.8 million. With the cap now coming in higher than expected, that number is listed at $19.8M. General manager Brett Veach alluded to using the tag during his media address on Tuesday, and an afternoon report from Jeremy Fowler set the table for it while adding that the franchise is "open to consummate a trade" if no long-term deal is reached. 

The franchise tag window for Sneed officially opened on Feb. 20, marking the start of eligibility for all franchises. It remained open until 4:00 p.m. ET on March 5, although the Chiefs didn't wait and bring that decision down to the wire. Earlier this month, Sneed sent a very brief "pay me" message to general manager Brett Veach.

What's next for Sneed and the Chiefs?

By using the franchise tag on Sneed, Kansas City maintains a few benefits. First and foremost, Sneed isn't allowed to enter free agency when the new league year begins on March 13. If he signs the tag, he'd be under contract through his age-27 season, potentially providing the Chiefs another year of great defensive back play. Perhaps an equally important development pertains to the timeline of contract negotiations. Now that the tag has been applied, Sneed's camp and the team have until mid-July to iron out a new deal before that $19.8M figure is locked in. On the other hand, a long-term deal or trade seems far more likely than Sneed playing out the season on the tag.

Back to that "potentially" part — it would behoove the Chiefs to work something out with Sneed. He capitalized on the all-important contract year, capping off his rookie deal by surrendering just a 51.0 completion percentage and an impressive 56.2 passer rating when targeted. Sneed was consistently one of the best corners in all of football this past season, slowing down premier wideouts like Tyreek Hill, Justin Jefferson, Ja'Marr Chase and Stefon Diggs. He and Trent McDuffie formed what may have been the NFL's best secondary duo, helping fuel the franchise's run to a second Super Bowl win in a row.

With that said, the report of both sides being open to a trade should a deal not get struck is intriguing. This provides Sneed and his camp with a pseudo-free agency experience, as interested teams could bid on trade offers for him. A trade would undoubtedly come with a long-term extension from another franchise. With negotiating parties possibly motivated to reach a resolution before the 2024 NFL Draft, this gets a head start on that and the actual start of the legal tampering period on March 11. 

Pre-salary cap jump estimates for a long-term Sneed contract ranged from $15.7M to $17.5M on a per-year basis. That figure is widely projected to be on the higher end (and perhaps beyond) now. With the tag applied, both sides can move forward in negotiations and Kansas City can start to get a bit clearer picture of its cornerback situation for the rest of the offseason.

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