The Chiefs informed guard Trey Smith this week that they'll be using their franchise tag on him and we learned on Friday what salary that tag will carry.

The franchise tag deadline is fast approaching in the NFL, and the league has finally released numbers for the teams if they wish to place the franchise or transition tag on players prior to the deadline on March 4.

NFL quarterbacks will have the highest franchise tag cost at $40,242,000, up $7.5 million from last year. The league released figures for franchise and transition tags on Friday, a day after announcing the salary cap has increased to a record-high $279.