This is admittedly a larger deal, which makes it among the more unlikely of this "likely" bunch. That said, it's a great match for a number of reasons if the Chiefs just wanted to solidify the wide receiver position right now for the next few years.
Hollywood Brown is a volume target at the NFL level with great deep speed just south of the league's best (e.g. he's no Tyreek but then again, who is?). Brown has put up solid stats while playing in an extremely run-heavy environment with the Baltimore Ravens and then for the carousel of mediocrity at quarterback while with the Arizona Cardinals.
Suffice it to say, no one can say with any absolute certainty what Brown's ceiling would be in a system like the Chiefs with Patrick Mahomes throwing him the ball, but it should have scouts salivating at the thought.
At this point, the Cardinals are headed straight for another early draft slot and who knows if they'll be led by Kyler Murray or a new quarterback this time next year. What makes the most sense here, then, is to deal a veteran like Brown for the sake of accumulating assets. However, the latest reports out of Arizona say that they're likely to keep Brown and use him as a playmaker to aid whoever is going to be their long-term QB.
This is a deal that would cost the Chiefs (likely a second-round pick) in multiple ways (because they'd have to pony up for an extension too). None of that should scare anyone from this deal. Brown is a safe bet who is still very young with a good track record on a team with no bad contracts. The Chiefs can afford this as the cap rises, and a deal will look even better if there's a moment when Travis Kelce starts to look his age.
Picture Rashee Rice breaking out next to Brown and Kelce working the deep and intermediate routes with others filling around them. It'd take a lot, but the fit makes a lot of sense.