Latest update on Chris Jones contract still leaves Chiefs with only one option

The Kansas City Chiefs picked up their option on star defensive tackle Chris Jones' contract on Friday, according to Ian Rapoport.

That's nothing earth-shattering. They owed him $4.25 million from incentives regardless. The real impact of the move is keeping the option open for Kansas City to franchise tag the All-Pro for the coming season.

Even with that option on the table, the Chiefs should be pushing for one outcome: An extension.

Chiefs pick up Chris Jones contract option but still need to lock in extension

Jones wants to stay with the Chiefs. He made that abundantly clear during the Super Bowl parade on Wednesday.

“For those that want Chris Jones gone, I ain't going nowhere, baby! I will be here this year, next year and the year after," Jones told the crowd, much to the dismay of his agent.

And the Chiefs have every reason to want Jones back. Despite last year's contract dispute, he came back and performed as well as they could have hoped. He was an All-Pro, notching 10.5 sacks, 13 tackles for loss and four pass deflections.

Neither side will be particularly enthusiastic about the prospect of the franchise tag. Jones surely wants the security of a multi-year deal. Kansas City surely doesn't want to take the cap hit the franchise tag would require.

According to Spotrac, tendering Jones would cost the Chiefs more than $32 million. That's more than he's likely to seek per year in his idea contract. Expectations are he's looking for a deal in the range of $30 million AAV. Turning 30 this summer, he can't expect to eclipse the $34 million per year Nick Bosa has coming, but he'll want to be in that neighborhood.

So the two sides will embark on a journey trying to work out a new contract for the three-time Super Bowl champion, who wants a fourth ring in Chiefs red.