I was asked for my interpretation of keeping Jones and then tagging and trading Sneed. It's always a crapshoot on the valuation of any player, both from a contract perspective and a trade value perspective. I give Sneed a 2nd + 4th value but the teams I have as most ideal targets don't have 4th rounders (PHI, DET). I'm opting to give you guys the trade with Detroit as I think they have an incentive to make a splash or two in FA and they definitely MUST upgrade their secondary. Also, for notation purposes, the carrying cost of Sneed on the tag is $19,802,000 until he's traded which will invariably affect early free agency options. With that...

Cap for 2024 has been set at 255.4m and Chiefs have an approximate current space of 18.2m

Extensions
OC Creed Humphrey 5y/67.5m w/8.75m SB Cap hits: 3.5/9.5/12.5/13.5/14.5/15.8 (+1.75)

Releases
WR Marquez Valdez-Scantling (-12.0)

Trades
Chiefs trade WR Kadarius Toney to anyone for a conditional 2025 7th-round pick (-2.53)
Chiefs tag and trade CB L'Jarius Sneed and 3-95 to the Detroit Lions for pick 2-61 and 3-73 (f/MIN)

Restructures
QB Patrick Mahomes convert roster bonus to signing bonus (-27.47m)

FA Re-Signings
DT Chris Jones 3y/84.1m w/20.0m SB + 2.0m/y in LTBE incentives to create 3/90.1m contract Cap Hits: 22.8/27.8/30.7/4.8/4.0
LT Donovan Smith 1y/10.0m w/3.0m SB
WR Mecole Hardman 3y/15.0m w/5.1m SB Cap Hits: 3.5/5.5/6.0
LB Drue Tranquill 2y/9.0m w/3.0M SB Cap Hits: 3.3/5.7
LS James Winchester 3y/4.6m w/800k SB Cap Hits: 1.5/1.5/1.6
DT Isaiah Buggs 1y/1.3m (signed already)
DE Malik Herring ERFA Tender
DB Nazeeh Johnson ERFA Tender
LB Jack Cochrane ERFA Tender
OG Mike Caliendo ERFA Tender
LB Cole Christiansen ERFA Tender

Chiefs let the rest walk.

FA Signings
SP Matt Araiza 795k (signed, not sure of the overall yet)
QB Carson Wentz (LAR) 1y/1.4m - Better backup QB
WR Van Jefferson (ATL) 1y/1.3m - Solid speed/size combo James replacement
TE Harrison Bryant (CLE) 1y/1.8m - Good blocker and better receiver to replace Bell
DE Yetur Gross-Matos (CAR) 1y/2.5m - Good rotational end that would replace Omenihu (until he's ready to go)

Draft class valuation of 9.6m with top-51 estimate of 3.3m

Chiefs have an estimated 3.5m in 2024 in-season Operating Cap

The Draft
1-032. WR Troy Franklin, Oregon (6'2" 185) - Silky-smooth, speedy #2 across from Rice to replace MVS
2-061. CB Kalen King, Penn State (5'11" 190) - Physical man CB that plays the run well and is glue in coverage to replace Sneed
2-064. OT Kiran Amegadjie, Yale (6'5" 318) - Insane size and athletic ability but limited by the strength of competition, LTotF
3-073. DT Maason Smith, LSU (6'5" 315) - Raw, toolsy DT that can play the 3 or the 1 to replace Nnadi
4-133. DT DeWayne Carter, Duke (6'3" 308) - Penetrating DT that can play both spots to replace Wharton
5-158. LB Nathaniel Watson, Mississippi St (6'2" 245) - Physical, downhill LB with good speed to replace Gay
5-172. RB Emani Bailey, TCU - Speedy, do-it-all back and McKinnon replacement
7-250. SS Kenny Logan Jr, Kansas - Hard-hitting safety for special teams and to fill back end with Conner replacing Edwards

The Roster
QB: P. Mahomes, C. Wentz
RB: I. Pacheco, L. Perine, E. Bailey
WR: R. Rice, T. Franklin, M. Hardman, V. Jefferson, J. Watson, S. Moore
TE: T. Kelce, N. Gray, H. Bryant
LT: D. Smith, K. Amegadjie
LG: J. Thuney, W. Morris
OC: C. Humphrey, M. Caliendo
RG: T. Smith
RT: J. Taylor, L. Niang
DE: G. Karlaftis, M. Herring, C. Omenihu(*IR)
DT: C. Jones, D. Carter
NT: I. Buggs, M. Smith, N. Ferrell
DE: F. Anudike-Uzomah, Y. Gross-Matos, B. Thompson
LB: N. Bolton, L. Chenal, D. Tranquill, N. Watson, C. Jones
CB: T. McDuffie, K. King, J. Williams, J. Watson, N. Jones
DB: J. Reid, B. Cook, C. Conner, N. Johnson, K. Logan
ST: H. Butker, M. Araiza, J. Winchester
[Reply]