Quest for a three-peat: Plotting the ideal KC Chiefs offseason

Let's get down to business about what the Chiefs should. We'll go one category at a time.

Cuts

WR Marquez Valdes-Scantling (Save $12M)

WR Kadarius Toney (Save $0)

Nothing surprising here. MVS, although he's played well in two straight postseasons, he hasn't played well enough to justify a $14M cap hit, and the Chiefs could the $12M in cap savings in other areas. Kadarius Toney has outstayed his welcome in KC after a disastrous 2023 season.

Restructures

TE Travis Kelce (Save $5.52M)

QB Patrick Mahomes (Save $16.57M)

Everyone knows that Mahomes' contract is structured in a way that provides the Chiefs with complete flexibility. Since the remaining term on his contract is more than five years, KC can convert as much of his yearly roster bonus and base salary into a signing bonus and spread those dollars over five years when it comes to the corresponding cap charge. I decided not to restructure the maximum amount since that would have inflated his 2025 cap charge to $69.8M. I only converted $20.7M of his 2024 money to a signing bonus, making his 2025 cap hit a manageable $65M.

It makes sense to restructure Travis Kelce because there's only $2.5M in projected dead money for the 2025 season. Spreading out $11.79M in 2024 compensation (saving $5.52M on the 2024 cap) over two seasons won't hinder the team in 2025.

Extensions

S Justin Reid (3 years, $36M in new money, Saving $2.75M in 2024 cap space)

Starting with Justin Reid, given how well Bryan Cook and Chamarri Conner have played, it could make sense for the Chiefs to release Reid and save $10.75M in cap space. At the same time, Spagnuolo loves to utilize three safeties and it likely makes even more sense to extend him rather than cut him.

DL Charles Omenihu (1 year, $6M in new money, Saving $2.7M in 2024 cap space)

Charles Omenihu is a tough one. On one hand, he played very well in limited action this past season. On the other hand, he, unfortunately, did tear his ACL in the AFC Championship, which will very likely force him to miss the beginning of the 2024 regular season. Since K.C. loves him and their need for defensive line depth is clear, extending him is probably the right course of action. That will play well in the locker room and save money for this season, although I could see the team releasing him and saving $7.22M in cap space, as cold as that may be.

K Harrison Butker (3 years, $18.75M in new money, Saving $1.34M in 2024 cap space)

Extending Harrison Butker is a no-brainer. He's one of the most clutch kickers in NFL postseason history and he has leverage for becoming the highest-paid player at his position. The current top AAV is Justin Tucker at $6M/year and Butker has every right to ask for more, so $6.25M/year on a new contract makes sense.

Adjusted 2024 cap space: $56,206,485