Kansas City Chiefs cornerback L’Jarius Sneed played an instrumental role in the team becoming repeat Super Bowl winners. If the club has aspirations of retaining Sneed for a three-peat, it will come at a significantly higher cost for the franchise in 2024.

Similar to All-Pro defensive tackle Chris Jones, Kansas City couldn’t sign its top defender to a long-term deal in 2023 when they entered a contract year. With Sneed moving to the outside in defensive coordinator Steve Spagnuolo’s scheme, it allowed the young cornerback to improve his value by proving he could be a No. 1 cornerback who shadowed top wide receivers.

That’s exactly what Sneed did in a contract year. While he didn’t earn All-Pro honors nor was he named to the Pro Bowl, the 27-year-old was widely recognized as one of the best defensive backs in coverage last season. Now after helping Kansas City hoist the Lombardi Trophy, becoming one of the best NFL dynasties ever, the talented cornerback is poised to cash in this offseason.

According to Sportskeeda’s Tony Pauline, the Chiefs’ options for retaining Sneed are either placing the fully guaranteed franchise tag on him for a value of around $19 million or signing him to a long-term deal that could cost around $18.5 million per season.

There are benefits and costs to either option. Placing the franchise tag on Sneed ensures he won’t hit the open market in a year with many teams around the league in need of a No. 1 cornerback. Not only that, the tag also allows Kansas City to hold off on a long-term deal for a year, which could prove beneficial since the Chiefs could cut offensive tackle Jawaan Taylor in 2025 and create $15.275 million of cap space.

However, a franchise tag also means Sneed’s $19 million salary in 2024 counts entirely against the NFL salary cap and that would make it more difficult to re-sign Jones. If Sneed signs a multi-year deal, however, Kansas City can backload the contract with higher cap hits at the end of the deal to provide more immediate financial flexibility this offseason.

There’s very little doubt around the NFL that the Chiefs will be able to retain one of Jones or Sneed. However, bringing back both impact defenders may ultimately come down to whether or not the franchise tag is used and if either player is willing to take slightly less to remain in Kansas City.