L'Jarius Sneed trade rumors: Trade talks held up as 'reasonable' Chiefs face challenges to agree on new contract

The Kansas City Chiefs used the franchise tag on cornerback L'Jarius Sneed, however, they also gave him permission to seek a trade. Despite interest from other NFL teams in making a trade for Sneed, they have been unable to do so thus far.

On Friday, ESPN reporter Stephen Holder reported on the ongoing negotiations for a Sneed trade. Holder said that the current hold-up isn't based on Kansas City's unwillingness to trade the cornerback, it's more about the contract negotiations.

A team that wants to trade for Sneed also has to have a contract extension ready for him to sign. This means that the 27-year-old has to agree to the terms of the contract extension before a trade can be made.

Holder also shared on X that the Indianapolis Colts are interested in trading for Sneed. However, they may not have the financial ability to make a competitive extension offer as the Colts have negotiated nearly $200 million in contracts during the past week.

How much is the franchise tag worth for L'Jarius Sneed?

The Kansas City Chiefs have reportedly not offered a contract extension to L'Jarius Sneed and are comfortable trading the cornerback. If a trade doesn't come to fruition this offseason, he will likely play on the franchise tag. This season, the franchise tag for a cornerback is worth $19.8 million.

It's unknown what terms of a contract Sneed is looking for, but a starting point for negotiations could be around $19-$20 million a season. The two-time Super Bowl champion could be using Jaylon Johnson's recent contract with the Chicago Bears, which is four years and worth $76 million, as a comparison for his own deal.

There are currently three cornerbacks in the NFL who make $20 million a season. Jalen Ramsey, Jaire Alexander and Denzel Ward are at the top of the list for the position.

L'Jarius Sneed has been an impactful player for Kansas City's defense over the last four seasons. He has played in 57 games and has recorded 10 interceptions, 19 tackles for loss and 13 quarterback hits. In 2023, he had a career-high 14 pass breakups, helping lead the Chiefs back to the Super Bowl.