Dwayne Bowe gets the franchise tag from the Chiefs

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• The Chiefs are hoping to hold onto Bowe for at least one more year.

It went to the wire, but the Kansas City Chiefs have decided that they can’t let Dwayne Bowe hit free agency. ESPN reports that the Chiefs have placed the franchise tag on Bowe — the news coming shortly before the NFL’s 3 p.m. deadline for franchising players.

Bowe has had a productive first five years of his career; last season, he caught 81 passes for 1,159 yards and five touchdowns — a dip from his 2010-11 Pro Bowl campaign that can be largely attributed to the Cassel-Orton-Palko troika and the absence of Jamaal Charles.

With the franchise tag in place, Bowe could be signed by other teams, but the Chiefs have the right to match the offer or receive two first-round draft picks as compensation. Was this the right move by the Chiefs?