The Kansas City Chiefs are losing a third round pick this year but they very well could be gaining one next year. The NFL hands out compensatory picks each year which are extra draft picks based on the free agents you gained and lost. We don't know the exact formula but if you lose more quality free agents than you gain in a given year, you can be eligible for comp picks the next year. From what we think we know about comp picks the most important things in the formula are the money, playing time and postseason awards.
The Chiefs are looking at a nice haul in 2017, the first year comp picks are tradable. Over The Cap has a run down of these (note that these are not official and only predictions at this point):
Sean Smith's $10 million per year contract could net a third round pick, which is the highest comp pick they give out. This would be huge for the Chiefs, obviously. They found two of their last three drafted corners in the third round (Phillip Gaines, Steven Nelson). They also found a pretty good tight end there a few years ago.
Jeff Allen and Mitch Schwartz's deals will likely cancel out. Allen got four years, $28 million while Schwartz got five years, $33 million. The per year money is close enough that they'll cancel out.
Chase Daniel could turn into a fourth round pick as his deal calls for $7 million per year. This would be incredible value given Chase was a backup in KC.
Donald Stephenson ($4+ million per year) and Tyvon Branch ($4 million per year) could bring in sixth round picks, according to Over The Cap's projections.
The thing to remember is that free agency is not over yet. The Chiefs could still sign another free agent that would affect these models. And we don't know the exact model so these are certainly not official.