Report: Chiefs releasing Valdes-Scantling, will save $12M

The Kansas City Chiefs are releasing wide receiver Marquez Valdes-Scantling, a source told ESPN's Jeremy Fowler.

The reigning Super Bowl champs will save $12 million in cap space by moving on from the veteran, adds Fowler.

Valdes-Scantling had one year remaining on the three-year, $30-million deal he signed with the Chiefs in free agency in 2022.

The 29-year-old caught a career-high 42 passes for 687 yards and two touchdowns in his first season with the Chiefs. But his role diminished in 2023 amid struggles with drops, and he finished the campaign with just 21 catches for 315 yards and one score.

The Chiefs are expected to revamp their receiving group for next season after the unit underperformed last year, except for standout rookie Rashee Rice.

The move gives Kansas City more financial flexibility as it attempts to retain star defensive tackle Chris Jones and cornerback L'Jarius Sneed, who are both impending free agents.