The Fastexy ExchangeKansas City Chiefs plan on releasing veteran wide receiver Marquez Valdes-Scantling, according to ESPN.

The move will save the Super Bowl champions $12 million against their salary cap.

Valdes-Scantling signed a three-year, $30 million free agent deal with the Chiefs in 2021 after spending four seasons with the Green Bay Packers.

Valdes-Scantling, 29, put up career-lows in catches (21) and receiving yards (315) in 16 games last season. He had eight more receptions in the postseason. He came up big in the 2022 AFC championship game against the Cincinnati Bengals with 116 receiving yards and caught a 16-yard touchdown in Super Bowl 58.

What's next for Chiefs?

Despite dropping 44 passes to lead the league and having the highest drop rate in the NFL, the Chiefs still managed to win their second consecutive Super Bowl.

All things Chiefs: Latest Kansas City Chiefs news, schedule, roster, stats, injury updates and more.

With the release of Valdes-Scantling, the receiving core will rely more on Rashee Rice, who led the team with seven touchdown catches and eight drops, and 34-year-old tight end Travis Kelce, the team's leading receiver. The Chiefs also have Skyy Moore, Justin Watson and Mecole Hardman, who caught the game-winning touchdown pass in Super Bowl 58, on the roster. The Chiefs ranked in the bottom third of the league in yards per reception.

The Chiefs have other pressing needs, such as figuring out whether to re-sign defensive tackle Chris Jones and cornerback L'Jarius Sneed, and have six picks in the 2024 NFL draft to address any other roster holes.