KANSAS CITY, Mo. — The Chiefs are releasing wide receiver Marquez Valdes-Scantling, saving the team $12 million against their salary cap, a source told ESPN's Jeremy Fowler on Wednesday.
The move comes after the Chiefs informed cornerback L'Jarius Sneed they are prepared to use the franchise tag on him and are open to consummating a trade if no long-term deal is reached, a source told Fowler on Tuesday.
The Chiefs are expected to use the nonexclusive franchise tag, which would cost about $19 million for the 2024 season. On Tuesday, Chiefs general manager Brett Veach said at the scouting combine in Indianapolis that he was prepared to use the franchise tag on Sneed or star defensive tackle Chris Jones if the team can't get them both re-signed by the start of free agency next month.
Valdes-Scantling played two seasons with the Chiefs after signing as a free agent from the Green Bay Packers. He caught 42 passes in 2022 and 21 last season but often had his biggest moments in the playoffs.