The Kansas City Chiefs reached agreements on new five-year contracts for receiver Dwayne Bowe and punter Dustin Colquitt. Despite all the rumors we’ve heard since the end of the season that Bowe would be lost to free agency, GM John Dorsey was able to lock down the Chiefs top receiver. Bowe was placed on injured reserve with a rib injury in December, finishing the 2012 season with 59 catches for 801 yards and three touchdown receptions, but was still considered the team’s best receiving weapon. This will allow the Chiefs to build up their receiver corp through the upcoming draft.

In addition to the contracts with Bowe and Colquitt, the Chiefs used their franchise tag on left tackle Branden Albert.

Colquitt becomes the highest-paid punter in NFL with his agreement, worth $18.75 million deal over five seasons, including $8.9 million guaranteed, according to sources.  The team did not release official numbers, but head coach Andy Reid is happy to get that deal done.

“John and I knew right away that we’d like to keep Dustin in a Chiefs uniform,” Reid said. “He’s worked hard at his craft and has become one of the best punters in the NFL. He’s got a strong leg and the ability to pin opponents deep in their own territory. We are happy we were able to come to an agreement.”

The Chiefs will continue to negotiate on a long-term contract with Albert. The 28-year-old Albert has played in 73 games for Kansas City, including 71 starts and was the 15th overall pick in 2008. Does this mean the Chiefs do not draft Texas A & M propsect Luke Joeckel? Or do the Chiefs pick the top projected lineman and move him to right tackle?