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I think the Chiefs waive him, then re-sign him to a reasonable contract for a backup, say in the $4 million dollar range.
He's still fairly young and could learn more in KC from Reid and his staff than if he went elsewhere, in which he'd likely flamed out again.
IMO, it should be about his long term viability in the league and not money but I suppose that if some team offered him $7-8 million per (which is total speculation and completely undeserved), he'd take the money and run.
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