The Kansas City Chiefs have swung and missed twice on receivers in the 2014 NFL free agency period. There was the failed negotiations with Emmanuel Sanders and the brief pursuit of DeSean Jackson. Those are both starting-caliber receivers who would've commanded multi-year contracts.
The good part about two failed runs at receivers is that it now clues us in on a position group the Chiefs want to improve. They obviously feel an upgrade could be needed at receiver. Sanders or Jackson would've been the highest profile free agents the Chiefs signed this offseason.
The Chiefs can trade for or sign another receiver at any time. They currently have $4.5 million in cap space to do so.
The two most active player acquisition periods remaining are the NFL Draft (undrafted free agents, too) and roster cuts before the season when a slew of players, both young and old, hit the market. It's reasonable to assume the Chiefs will make an investment in the receiver position in one of those periods given their actions so far this offseason.
Speaking of actions, this is a good reminder that actions always speak louder than words. While GM John Dorsey has commented that this is a good draft class for receivers, what speaks far louder are the Chiefs actions in trying to acquire Sanders and showing at least some interest in Jackson.
Dwayne Bowe and Donnie Avery look like the top two receivers at the moment. Dexter McCluster was lost to Tennessee in free agency and as of now the best guess at his replacement would be Weston Dressler (though he hasn't played at all). Junior Hemingway and AJ Jenkins are also on the roster so they could step up.