NFL Rumors: Connecting dots for L’Jarius Sneed ultimately staying with Chiefs

After winning Super Bowl LVIII with heroic efforts from their defense, the Kansas City Chiefs entered the offseason with two key defenders set to hit the free agency market. Retaining the services of both defensive tackle Chris Jones and cornerback L'Jarius Sneed was considered improbable, but general manager Brett Veach may be able to pull it off.

Kansas City used the nonexclusive franchise tag designation on Sneed, which locks the star cornerback into a one-year, $19.8 million deal. Jones, the anchor of Kansas City's defense, signed a five-year, $158.7 million contract extension with the team on Saturday.

L'Jarius Sneed may ultimately end up staying with the Chiefs

The Chiefs have been open to the possibility of trading Sneed if the two sides cannot agree to terms for a contract extension, according to ESPN's Jeremy Fowler. Yet, with each passing day, it is becoming more likely that Sneed will return to Arrowhead Stadium in 2024.

Trade destinations for Sneed are dwindling

The Pittsburgh Steelers and Detroit Lions were considered to be two of the top trade destinations for Sneed. Pittsburgh recently parted ways with cornerback Patrick Peterson, while a weak secondary in Detroit saw the departure of safety C.J. Gardner-Johnson.

Both teams desperately needed help at defensive back, and Sneed would have been an ideal fit. Detroit elected to trade for Tampa Bay Buccaneers cornerback Carlton Davis instead. Pittsburgh acquired cornerback Donte Jackson in a trade with the Carolina Panthers. He is a better fit for their recent switch to playing more man coverage.

Veach reportedly wanted a second-round pick for Sneed, but both Pittsburgh and Detroit found other solid options for cheaper. If Veach doesn't drop his price, Sneed may not be able to leave.

Chiefs restructure Patrick Mahomes' contract

Kansas City converted a sizable portion of quarterback Patrick Mahomes' base salary into a signing bonus to create $21.6 million in salary cap space. It was a necessary move to erase their salary cap overage before Wednesday's deadline to become salary cap compliant.

The Chiefs have approximately $15.3 million in salary cap space. The Chiefs will need roughly $7 million of their salary cap for their incoming rookie class from the 2024 NFL Draft. They will also need to reserve cap space for midseason transactions, trades, and signings. That doesn't leave them with much wiggle room. The team parted ways with veteran receiver Marquez Valdes-Scantling to create $12 million in cap space earlier this offseason as well, but they'll need to make additional moves in order to keep Sneed at his current cost.

Jones' deal carries a 2024 salary cap hit of roughly $11 million after including incentives from his 2023 season, which is still less than Sneed's current salary cap hit. Mahomes' restructure essentially makes up for the $19.8 million that Sneed's franchise-tag contract is costing the team.

Mahomes' restructure doesn't mean he's taking a discount — it is simply converting his salary into a bonus to push the cap figure into future years. The true discount comes from tight end Travis Kelce. Despite playing the role of a wide receiver in head coach Andy Reid's offense, Kelce is earning just $14.3 million per year.

L'Jarius Sneed wants to stay in Kansas City

On Tuesday, Sneed spoke to reporters during a partnership event with Big Brothers Big Sisters of Greater Kansas City. Although he said his life is "very stressful right now" due to his newborn child and free agency, Sneed mentioned that he wants to stay in Kansas City.

"It's legendary," Sneed said of winning back-to-back Super Bowls. "Two is legendary, but three? You never get tired of getting rings. I pray I'm here to do a three-peat."

Selected in the fourth round of the 2020 NFL Draft, Sneed converted from a safety to a nickel corner before having the best year of his career as a perimeter cornerback in 2023. Sneed didn't surrender a single touchdown as the nearest defender in coverage on 90 targets in 2023, per NFL Next Gen Stats.

"Hopefully I'm with the Chiefs," Sneed said. "Hopefully I'm still here. Hopefully, we go back and repeat."