Brett Veach Finally Found the Chiefs Value in Free Agency
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The 2022 offseason has been an offseason of firsts for the Kansas City Chiefs — at least in the Andy Reid-Patrick Mahomes era. For Brett Veach, this offseason was the first time he took a measured approach to free agency.
One year ago, after the Chiefs went out and signed Joe Thuney to a massive contract, I wrote about how Veach needed to stop swinging for the fences in free agency. He wasn't finding value by handing out massive contracts at top-of-the-market rates. Luckily, Thuney has come in and played at an All-Pro level, so that one signing is living up to the billing. Make no mistake: Thuney is an exception, not a rule. The history of top-dollar free agents falling flat on their faces is long.
Oct 3, 2021; Philadelphia, Pennsylvania, USA; Kansas City Chiefs offensive guard Joe Thuney (62) prepares to block against the Philadelphia Eagles at Lincoln Financial Field. Mandatory Credit: Eric Hartline-USA TODAY Sports
As it turns out, it only took Veach one year to be a contact hitter during free agency. The Chiefs could benefit greatly from this change in ideology.
When talking about “value” in free agency, the idea is to get players in the building who play better than their contract. It is a tough thing to accomplish, but it is possible. Tyrann Mathieu, for example, outplayed his contract with the Chiefs.
For a single season, this value is created all around the league mainly through players outperforming a one-year contract. By nature, these players did not have the leverage to pull off a multi-year contract due to one reason or another. This also usually means the money involved is less than the market value at that position. Value can be found at a higher rate through these one-year deals. The Chiefs have two obvious signings that fit this bill.
JuJu Smith-Schuster and Ronald Jones both had disappointing runs with their previous teams. Smith-Schuster missed most of his final year with the Pittsburgh Steelers due to injury and before that saw his production diminish from his incredible sophomore season. Jones was slowly, but surely, replaced by Leanard Fournette on the Tampa Bay Buccaneers and became expendable. For both, a change of scenery was needed — but does provide new opportunities.
With incentive-laden contracts in Smith-Schuster and Jones’ hands and a total base cost for both players clocking in just under $5 million, these two players who were once very productive (and are still very young) could be immense values for the Chiefs this season. Is there a world where both outplay their contracts? Very much so.
Feb 4, 2020; Tampa, FL, USA; Tampa Bay Buccaneers running back Ronald Jones (27) runs the ball against Kansas City Chiefs defensive tackle Mike Pennel (64) during the first quarter in Super Bowl LV at Raymond James Stadium. Mandatory Credit: Matthew Emmons-USA TODAY Sports
This value is what Veach had been missing in previous years. To his credit, he did try to lure Smith-Schuster in last year on a somewhat similar contract, but the Steelers standout decided to stay in Pittsburgh for another year. The fact remains that Veach has given out huge, market-resetting deals or just stuck with re-signing the Chiefs' guys the past few years. Thuney, Mathieu, Sammy Watkins, and Frank Clark (technically a trade, but still) were all top-of-the-market deals handed out by the Chiefs.
In comparison, look at the Chiefs’ biggest free agent signing this year. The Chiefs gave Justin Reid a sizable chunk of money to replace Mathieu a few days after free agency opened. Reid’s three-year, $31.5M contract is the third biggest contract a safety signed in free agency. However, it is still measured and logical.
Reid has the athleticism, talent, and attitude to become a top-flight safety if the Chiefs can get him to return to his year one and year two play. His $11M average per year is noticeably less than the contract Marcus Williams signed in free agency ($14M per year). If Reid does hit his ceiling as a player, one that the tanking Texans probably would not foster, the Chiefs got value on his contract.
The other large contract Veach handed out, to Marquez Valdes-Scantling (or MVS), also adheres to the “value” idea. While MVS seems to be paid at — or even above— the market rate for a wide receiver with his production at three years and $30M — in reality, the structure gives the Chiefs value.
Aug 30, 2018; Kansas City, MO, USA; Green Bay Packers wide receiver Marquez Valdes-Scantling (83) runs against Kansas City Chiefs defensive back Arrion Springs (38) in the first half at Arrowhead Stadium. Mandatory Credit: Jay Biggerstaff-USA TODAY Sports
A low signing bonus and a salary in 2023 that guarantees after the 2023 offseason starts gives the Chiefs huge flexibility in MVS’ contract. This means the Chiefs can cut MVS next offseason, save $7M against the cap, and only have $4M in dead money. This means MVS’ contract would only be a total of one year and $9M. For a player with game-breaking speed, that is another value.
The final slices to this free agency value pie that Veach is baking will probably be signed later this offseason. Adding veteran players like Stephon Gilmore and Melvin Ingram on one-year contracts to fill holes for a year is a great way to make sure the roster is rounded out while also not investing too much into the future. If those two sign contracts for reasonable money, then Veach will have a full value pie.
It remains to be seen if this offseason is a trend for Veach going forward. With Mahomes now earning more than peanuts on his extension, will Veach change his free agency strategy for good? Was the lack of spending in free agency a one-time thing due to the pool of players available? Was Tyreek Hill’s lack of a new contract (and subsequent lack of salary cap space generated) the thing holding Veach back from spending in free agency? Once the salary cap explodes, will he be back to his spending self?
The questions above will be interesting to consider heading into the 2023 offseason. The reality right now is that Veach had a somewhat quiet, but value-filled, free agency period. If this is the way he will approach free agency and free agent contracts going forward, it will spell good things for the Chiefs' future.
Feb 28, 2019; Indianapolis, IN, USA; Kansas City Chiefs general manager Brett Veach speaks to the media during the 2019 NFL Combine at the Indianapolis Convention Center. Mandatory Credit: Brian Spurlock-USA TODAY Sports
