The Kansas City Chiefs have officially placed the non-exclusive franchise tag on L'Jarius Sneed, but that doesn't mean the talented cornerback will be on the team's roster in 2024. The Chiefs are tagging Sneed, but both sides are open to a possible trade if they can't come to terms on a long-term deal, according to ESPN.
While the tag usually isn't used like this, it gives both Sneed and the Chiefs options. This gives both sides the opportunity to have more time to work on a long-term deal. It also gives both sides the chance to explore a trade.
The non-exclusive tag guarantees Sneed at the very least a one-year salary of the five highest-paid players at his position from the previous five years (applied to the current salary cap), or 120% of his previous salary -- whichever is higher. It also allows Sneed the ability to negotiate with other teams, which would have to give the Chiefs two first-round picks in addition to a new contract. However, keep in mind that a trade before the July deadline does not have to include two first-round picks...
Chiefs' L'Jarius Sneed receives non-exclusive franchise tag; both sides open to a possible trade, per report