Chiefs Cap Space Update - Post Sneed Trade
A quick update on where the Chiefs cap space is and where it could be after the draft!
The L’Jarius Sneed trade is finally completed, and the Chiefs officially have more cap space. Sneed’s $19.802 cap hit is off the books, and the Chiefs now have over $25.4 million in cap space for 2024. At this point, a good portion is likely going to be carried into next season, but the Chiefs have made a few moves on which we don’t have the contract information yet.
Signed Free Agents
Since the Sneed trade, the Chiefs have agreed to terms with two players. First, they brought back Clyde Edwards-Helaire. We don’t have the numbers for the contract yet, but they signed him the same day they had J.K. Dobbins in for a visit. I will update and have an article when the numbers are announced.
The Chiefs also moved and brought in a backup quarterback for Patrick Mahomes. Although they expressed interest last year, the Team could not bring in Carson Wentz. This year, however, they have agreed to a single-year deal with Wentz, and he will back up Mahomes. We still don’t have the contract terms with Wentz, but I will update the site as soon as they come out.
Draft Class
The Chiefs will still have to sign their draft class in a couple of months, and this will take up some of their cap space, but not as much as you might think. As it stands right now, the Chiefs will need just over $2.7 million in additional cap space to sign their draft class. Trades can make that number move a bit, but remember, the total cap space needed right now is only the amount over the bottom of the top 51 players on the roster.
When the roster moves to report everyone in September, the team will still need a few million more to keep the players it wants. It will also need money to sign practice squad players and operate during the offseason. The Chiefs generally like to have $3.5-5 million in operating cap space throughout the offseason.
With both of those items, I would say the Chiefs have close to $15 million in effective cap space to use this season if they would like. Both the Wentz signing and the CEH signing aren’t likely to be much more than vet minimum deals, which will almost not affect the cap. The draft class is also likely not to affect the cap much, so the Chiefs have money to spend; the question is, will they spend it?
Do you think they use it?
Are they able to go back and do anything else with it besides sign players? For instance, can they add incentives to currently signed players' deals? Can they use it to extend a contract now for any player (Creed, Bolton)? Can they re-re-modify Mahomes contract and not have as more hit the cap this year?