Dwayne Bowe and Kansas City Chiefs Reportedly Agree on 5-Year Contract

The Kansas City Chiefs and their No. 1 wide receiver Dwayne Bowe have reached a long-term deal.

UPDATE: Tuesday, Mar. 5, at 10:41 a.m. ET by Brandon Galvin

NBC's Mike Florio has the latest details on the contract that makes Dwayne Bowe the third-highest paid wideout in the NFL:

"

Per a source with knowledge of the contract, here it is.

1.  $15 million signing bonus.

2.  $750,000 fully-guaranteed base salary in 2013.

3.  $250,000 workout bonus in each year of the contract.

4.  $8.75 million base salary in 2014, $4.25 million of which is fully guaranteed now and $4.5 million of which is guaranteed for injury only now.  The $4.5 million becomes fully guaranteed on the third day of the 2014 league year.

5.  $10.75 million base salary in 2015.  $1.5 million is guaranteed for injury now, and it becomes fully guaranteed on the third day of the 2014 (not 2015) league year.

6.  $9.75 million base salary in 2016.

7.  $9.75 million base salary in 2017.

It adds up to $36 million over the first three years, and $56 million over five.  Of the amount, $26 million is guaranteed.  $20 million is fully guaranteed now.  The other $6 million becomes fully guaranteed next year.

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UPDATE: Tuesday, Mar. 5, at 9:54 a.m. ET by Brandon Galvin

CBS Sports' Jason La Canfora has the latest on Dwayne Bowe's new long-term contract with the Chiefs.

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ESPN's Adam Schefter was the first to report the deal on Monday afternoon.

Shortly after Schefter's report broke, Bowe all but confirmed the deal with this tweet:

At 6’2” and 221 pounds, Bowe is one of the bigger pass-catchers in the NFL, and bringing him back is a smart move for a franchise that is trying to build a contender. With veteran quarterback Alex Smith now in the fold, the star wideout should see a major spike in production.

The Chiefs also decided to use their franchise tag on offensive tackle Branden Albert, according to NFL.com's Ian Rapoport.

Bowe missed three games in 2012, but his pedestrian numbers—59 catches for just 801 yards and three touchdowns—were largely due to a lack of talent and consistency under center, not a lack of effort or skill on his part. 

The hope now is that Andy Reid will infuse the talented core of players in Kansas City with a newfound enthusiasm and get everyone, including Bowe, playing up to their potential each week.

A change of offensive schemes, along with a quality quarterback, is exactly what Bowe needs to return to Pro Bowl form. 

As Reid can attest from his time with the Philadelphia Eagles, it is imperative to have great wide receivers to be successful in the NFL, and Bowe is one of the best when he's healthy.