The Chiefs are currently $7.5 million under the salary cap.
They're going to need more if they want to tag Dwayne Bowe, which will cost $11.4 million. The Chiefs can free up more cap space by releasing DE Tyson Jackson. His cap number is almost $17.5 million, and he's due a $14.7 million base salary. Releasing Jackson alone would save $15 million under the cap. The Chiefs will save almost $6 million more when they cut Matt Cassel.