Source - Chiefs release Marquez Valdes-Scantling, save $12M - ESPN

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.

He caught eight passes for 116 yards and a touchdown in the AFC Championship Game victory over the Cincinnati Bengals after the 2022 season.

Last season he caught a pass to secure the Chiefs' AFC Championship Game win over the Baltimore Ravens and had the Chiefs' first touchdown in their Super Bowl LVIII victory over the San Francisco 49ers.

Valdes-Scantling was fifth in receptions on the Chiefs in the 2023 regular season. Rookie Rashee Rice was their leader at the position with 79 catches.