[KC Chiefs.com] The Chiefs announced today that they have placed the franchise tag on wide receiver Dwayne Bowe.

As part of the transaction, the Chiefs offered Bowe a one-year contract worth about $9.5 million. Bowe can sign the contract at any time or the sides could negotiate a long-term contract.

Even if neither of those things happen, the franchise tag effectively keeps Bowe off the free-agent market. Starting next Tuesday he will be free to negotiate and sign a contract with another team.

But the Chiefs would have the right to match the offer and retain Bowe. If they decline to match, the Chiefs would lose Bowe but receive two first-round draft picks as compensation.

The move with Bowe almost guarantees cornerback Brandon Carr will become an unrestricted free agent next week. With only one franchise tag to use, the Chiefs were faced when the off-season began with what appeared to be a difficult decision whether to place it on Bowe or Carr.

But the Chiefs last month effectively ended the mystery by signing former Oakland cornerback Stanford Routt to take Carr’s place.