Kansas City Chiefs RG Trey Smith is one step closer to signing a long-term extension with the team on Sunday. 

According to a report from NFL Network’s Ian Rapoport, Smith has officially signed his franchise tag, securing his fully guaranteed $23.4 million salary for the 2025 NFL season. This move officially makes him the highest-paid guard in the NFL. 

Smith was one of just two players to receive the franchise tag this year, along with Cincinnati Bengals wide receiver Tee Higgins.

The 25-year-old is a former sixth-round pick out of the University of Tennessee in the 2021 NFL draft, starting 67 games at right guard in his four-year career. 

What does signing the franchise tag actually mean for Smith?

Signing on the dotted line is important for Smith because it signals to the team that he’s not frustrated by the franchise tag. It’s not a situation like the one the Bengals are going through with Higgins, where he’s on the tag for the second consecutive year and wants a long-term extension. It’s not a situation like the one the Chiefs went through with Chris Jones, where he risked losing money and holding out to get the deal across the finish line.

Smith’s signing of the tag is an olive branch. He’s saying he’s willing to play at a one-year salary of $23.4 million, the highest salary ever for a guard in the NFL, surpassing Philadelphia Eagles LG Landon Dickerson.

At the same time, he’s signaling to the Chiefs that he wants to be there, and they know exactly what they have to do to extend him. They should also work to do that quickly. The longer they wait, the more it will cost, as the guard market is expected to be active and well-paid when the legal tampering period officially begins on Monday. 

The team could potentially sign him to a four-year deal worth up to 95 million as things currently stand. However, if they can’t reach a deal, that price could increase substantially in the coming days.