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Chiefs re-sign Dwayne Bowe, Dustin Colquitt, use franchise tag on Branden Albert

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The Chiefs reached a five-year deal with Dwayne Bowe (USA Today Sports Images)

The Kansas City Chiefs were active at Monday's 4 p.m. ET deadline to use the franchise tag, signing wide receiver Dwayne Bowe and punter Dustin Colquitt to multi-year contracts and using the franchise tag on left tackle Branden Albert.

According to ESPN's Adam Schefter, the Chiefs and Bowe reached agreement on a five-year contract extension, avoiding having to use a second franchise tag on the 2007 first-round pick out of LSU. Playing under a $9.515 million tender last season, Bowe led the Chiefs with 53 receptions for 801 yards and three touchdowns.

In six seasons with the Chiefs, Bowe has 415 receptions, 5,728 yards and 39 touchdowns, ranking at or near the Top 5 in franchise history in all three statistical categories.

Financial terms of the five-year agreement were not disclosed, but a second tag for Bowe would have cost the Chiefs' $11.4 million in 2013.

By franchising Bowe, the Chiefs were able to apply the franchise tag on Albert, a 2008 first-round pick out of Virginia who has started 71 of 73 games over the last five seasons. Albert has played left tackle for the Chiefs, but could be traded or moved to the right tackle or guard if Kansas City opts to use the No. 1 overall pick in the 2013 NFL Draft on Texas A&M left tackle Luke Joeckel.

The franchise tag for an offensive lineman is worth $9.828 million in 2013.

In addition to locking up Bowe and Albert for 2013, the Chiefs made Colquitt the highest-paid punter in NFL history, signing the veteran to a five-year contract worth $18.75 million, including $8.9 million in guaranteed money, according to Schefter.

Colquitt, 30, has spent the last eight seasons with the Chiefs and has a net average of 39.3 yards on 657 punts, 113 of which have been placed inside the opponents' 20-yard line.

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