Kansas City Chiefs sign WR Jeff Caldwell

Jeff Caldwell's signing earns a C+ Contract Value Index (CVI), landing squarely in "fair deal" territory for a roster-filler move that carries minimal financial risk but equally modest upside expectations. At $1.04M AAV on a three-year deal worth $3.13M total, this is textbook undrafted free agent contract structure — the Chiefs are essentially paying for practice reps and developmental potential rather than a proven contributor. With only $272.5K guaranteed, Kansas City has virtually no downside exposure here; if Caldwell doesn't force his way onto the 53-man roster, the cut is painless and the cap hit negligible. The CVI reflects the ceiling problem more than the floor: replacement-level UDFA receivers at this price point rarely develop into meaningful contributors, and the position group typically demands legitimate competition to shake anything loose. Recent buzz around Caldwell heading into OTAs suggests the coaching staff sees something worth developing, but the Chiefs' current 6-11 record underscores that this franchise needs real production upgrades at the position, not just camp bodies. Three years of team control is attractive on paper, but it only matters if Caldwell can survive multiple roster cuts — a significant ask for any undrafted wideout, regardless of athleticism or arrow direction. This is a low-stakes developmental flier executed correctly from a contract construction standpoint, and the CVI grade reflects exactly that: nothing wrong with the deal, just nothing exciting about it either.