Eric Berry contract update: What are they saying?

The Kansas City Chiefs have one more day to sign Eric Berry to a long-term deal.
Kansas City was widely assumed to be having little trouble with the negotiations involving Berry. Suddenly, things hit a snag according to multiple outlets on Wednesday night.
However, there is still plenty of reason to believe. On Thursday, we heard from both NFL insider Ian Rapoport and Kansas City Star writer Terez Paylor, who are virtually saying the same thing.
On #Chiefs S Eric Berry: 2 sides are not close now. But a deal hasn't been ruled out. Traditionally GM John Dorsey's best offer comes Friday
— Ian Rapoport (@RapSheet) July 14, 2016
I can confirm, via source, that the #Chiefs and Eric Berry are currently not close to a deal. But like @RapSheet noted, there’s still time.
— RIP Terez A. Paylor (@TerezPaylor) July 14, 2016
Look, anything can happen. Berry’s agent, Joel Segal, and general manager John Dorsey could fail to come to terms and Berry could play the year on the franchise tag. If that happens, Berry would be owed $10.8 million this year and then become a free agent next offseason.
This would be the worst-case scenario for both sides. Berry would have to play 16 games, plus the playoffs, knowing that another torn ACL or something serious, and his huge contract goes down the drain. Meanwhile, a huge year for Berry means the Chiefs either have to pay more to retain him or watch him leave for another team.