Source: Chiefs prep tag for L'Jarius Sneed, open to trade

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The Kansas City Chiefs have informed L'Jarius Sneed they are prepared to use the franchise tag and are open to consummating a trade if no long-term deal is reached, a source told ESPN's Jeremy Fowler on Tuesday.

Sneed is agreeable to the scenario, giving him chance to talk with other teams while the Chiefs remain in play for his services for the 2024 season. Pending league approval, a new contract for Sneed, a free agent, could be worked out as part of a trade to kick in at the start of the new league year. The source stressed a trade is very much on the table.

The Chiefs are expected to use the nonexclusive franchise tag, which would cost about $19 million for…