A second-round pick in 2014, Hyde proved to be a legitimate No. 1 back near the end of his four-year run with the San Francisco 49ers. He made a run at 1,000 rushing yards in both the 2016 and 2017 campaigns, though he ultimately fell just short each time. He averaged 963 rushing yards and seven touchdowns over those two seasons.
That emergence earned him a three-year, $15 million deal with the Cleveland Browns last offseason. However, after he managed just 3.4 yards per carry in six appearances, he was supplanted by rookie Nick Chubb and ultimately traded to the Jacksonville Jaguars.
He finished the season with 571 yards and five touchdowns between Cleveland and Jacksonville.
The 28-year-old signed a one-year, $2.8 million deal with the Chiefs in March.
Following Miller's injury, Duke Johnson, who was acquired from Cleveland on Aug. 8, had been elevated atop Houston's depth chart. While the veteran has averaged 864 scrimmage yards through his first four seasons, he has never recorded more than 104 carries in a single season.
Meanwhile, Rankin, 24, was a third-round pick last year who played in all 16 games, making four starts.
Hyde could provide valuable depth in Houston following the injury to Miller, while the Chiefs got some value for a player in a competition for touches with the likes of Damien Williams, Darwin Thompson and Darrel Williams.