Report: Chiefs prepared to franchise tag L'Jarius Sneed, still open to trade

The Kansas City Chiefs finished the 2023-24 season as back-to-back Super Bowl champs. Now, their attention turns to the offseason, where they will attempt to keep the core of their roster intact in hopes of becoming the first-ever NFL franchise to win three straight Super Bowls. However, there is a chance they might have to do so without the services of star cornerback L’Jarius Sneed.

According to ESPN’s NFL insider Jeremy Fowler, the Chiefs informed their starting cornerback that they are prepared to use the franchise tag on him this offseason, but with a caveat.

“[The] Chiefs have informed L’Jarius Sneed they are prepared to use the franchise tag and are open to consummate a trade off it if no long-term deal is reached, per source. Sneed is agreeable to the scenario, giving him chance to talk with other teams while K.C. remains in play,” said Fowler via X.

It appears that both sides are in agreement to get a deal done to keep the Chiefs’ star defensive back in Kansas City. However, if they are unable to do so, Kansas City intends to maximize Sneed’s market value in order to keep the franchise competitive as they look to capture their third straight Super Bowl title.

More on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who are set to become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.

More on restricted, exclusive rights free agents

Players with only three years of accredited NFL experience become restricted free agents. Their original team will have the option to apply first-round, second-round, original-round, and right-of-fight-of-first-refusal tenders on players at escalating price tags. The higher the round, the more expensive the tender amount; however, if a separate team does offer a contract and the original team does not match that round pick will be conveyed from the new team to the original team. Right of first refusal only gives a team the option to match or not. If they don’t match, they get nothing in return. An original-round tender would send a draft pick from whatever round the player was drafted back to the original team if they chose not to match. The original team will have five days to match once a player signs an offer sheet from a new team.