The salary is prorated to account for the five games Bell did not play for the Chiefs, so he will end up earning around $690,000 in base pay.
He played just 17 games for the Jets, gaining only 3.3 yards per carry and 4.1 yards per touch.
Bell didn't wait long to find a new home, signing with the Chiefs on Thursday.
Bell has played seven NFL seasons: five with the Pittsburgh Steelers and two with the Jets.
He found much success in Pittsburgh, making three Pro Bowls and earning two first-team All-Pro nods. He even gained 2,215 scrimmage yards in 2014.
A contract dispute led to Bell sitting out the 2018 season, but he struck it rich with the Jets as a free agent one year later.
Success eluded Bell, however, as he gained just 1,363 scrimmage yards and scored four touchdowns during his time with the Jets. He didn't get along with head coach Adam Gase, and the team eventually decided to release him after trade attempts went nowhere.
Bell will now join a dominant Chiefs offense that sports NFL MVP and Super Bowl MVP Patrick Mahomes, the game's No. 1 tight end in Travis Kelce, the lightning-quick Tyreek Hill and more.
The 4-1 Chiefs have a big game slated next at the 4-1 Buffalo Bills on Monday.