Update: Chiefs sign Dwayne Bowe to five-year contract

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Per Rotoworld.com:

 

Chiefs re-signed WR Dwayne Bowe to a five-year contract.

The sides finalized the deal just ahead of Monday's 4PM franchise-tag deadline. Financials aren't in yet, but we suspect Bowe received roughly $11 million annually. He's now under Kansas City's control through his age-33 season. Appearing in 13 games last season, Bowe racked up 59 catches for 801 yards and three touchdowns. He's three seasons removed from a career-best 72/1,162/15 line, but has obviously been adversely affected by poor quarterback play. Alex Smith is at least competent and should help Bowe re-ascend to WR2 value in 2013. Mar 4 - 4:09 PM

 

Source: Adam Schefter on Twitter

[AL_Royalty 489]

, Clark Hunt , :beerchug: Andy Reid , , in the streets ,

 

Okay... That last one might have been a bit of an exaggeration, but y'all know what I mean. Finally some good news that's not just "good news."

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Per Rotoworld.com:

 

The five-year contract Dwayne Bowe signed with the Chiefs Tuesday is worth a total of $56M and contains $26M in guarantees.

It's a highly favorable contract for Bowe. He got $15M in a signing bonus, giving him $36M over the first three years of the pact. It's a tick richer than the five-year, $55.555M deal Vincent Jackson got from the Bucs last year and is significantly more than the $36.3M the Saints gave Marques Colston. Bowe's deal also sets the bar high for free agent Mike Wallace. The Dolphins may have to come with something in the neighborhood of $62 million over five years to land Wallace, the best wideout left on the market. Bowe is now the NFL's third highest paid wide receiver, behind only Calvin Johnson and Larry Fitzgerald. Mar 5 - 9:49 AM

 

Source: Jason La Canfora on Twitter

[Glanvilles Grits 142]

He's definitely worth the money, now they just need to hope that Alex Smith is the guy that can get him the ball. Definitely a good job by the entire Chiefs organization to get the deal done.