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The Kansas City Chiefs have officially placed the non-exclusive franchise tag on L'Jarius Sneed, but that doesn't mean the talented cornerback will be on the team's roster in 2024. The Chiefs are tagging Sneed, but both sides are open to a possible trade if they can't come to terms on a long-term deal, according to ESPN

While the tag usually isn't used like this, it gives both Sneed and the Chiefs options. This gives both sides the opportunity to have more time to work on a long-term deal. It also gives both sides the chance to explore a trade.

The non-exclusive tag guarantees Sneed at the very least a one-year salary of the five highest-paid players at his position from the previous five years (applied to the current salary cap), or 120% of his previous salary -- whichever is higher. It also allows Sneed the ability to negotiate with other teams, which would have to give the Chiefs two first-round picks in addition to a new contract. However, keep in mind that a trade before the July deadline does not have to include two first-round picks. 

Sneed and the Chiefs have until 4 p.m. ET on July 15 to come to terms on a long-term deal. But if a deal doesn't appear to be in the works, it's likely a trade would take place much sooner than that. It's conceivable to think the Chiefs may try to trade Sneed for picks in the upcoming 2024 NFL Draft if it doesn't appear that a long-term deal can be worked out. 

The 27-year-old defensive back has been extremely consistent during his four years with the Chiefs. Over that span, he's logged 10 interceptions, 40 pass breakups, four forced fumbles, three fumble recoveries, 6.5 sacks and has over 300 career tackles. 

Acquiring Sneed would come at a cost, however. Along with possible compensation in the form of draft picks, Sneed's future team will also have to be willing to shell out some dough. While he may not ask to be the NFL's highest-paid cornerback, Sneed is undoubtedly hoping to become one of the league's highest-paid players at his position. The six highest-paid cornerbacks currently make at least $19.4 million annually, so it's reasonable to expect that Sneed is hoping to receive similar compensation. 

As it currently stands, Sneed would make $19.802 million if he plays under the franchise tag in 2024. But given where things stand, it appears that the odds of Sneed playing under the tag are slim to none.