Chiefs keep Bowe, Albert, Colquitt

The Kansas City Chiefs reached agreement on long-term agreements with receiver Dwayne Bowe and punter Dustin Colquitt on Monday, allowing the team to use its franchise tag on left tackle Branden Albert.

A league source told ESPN NFL Insider Adam Schefter that both Bowe and Colquitt agreed to five-year deals. Financial terms of Bowe's deal weren't immediately known but Colquitt became the highest-paid punter in NFL with his agreement, worth $18.75 million, including $8.9 million guaranteed, according to a league source.

According to multiple reports, Bowe's contract is worth $56 million with $26 million in guarantees. He reportedly will earn $36 million in the first three years of the contract.

"We're excited to have Dwayne on the roster for the long term," coach Andy Reid said in a statement. "Dwayne's a big, physical receiver who has had success in this league. He is part of the Chiefs family, and it was important to him to remain in Kansas City. I'm looking forward to working with Dwayne."

Bowe tweeted his thanks to the Chiefs on Monday afternoon.

"On vacation till I got the call that changed my life. I wanna thank the Hunt Family & the Chiefs organization," he wrote.

General manager John Dorsey said the Chiefs would continue to negotiate a long-term contract with Albert.

"We felt it was in the best interest of the Kansas City Chiefs to place the tag on Branden," Dorsey said in a statement. "We will continue to negotiate with Branden and his agent to reach a deal that is mutually beneficial. We're looking forward to working with Branden in the future."

The Chiefs also announced Colquitt's deal but didn't disclose terms.

"John and I knew right away that we'd like to keep Dustin," Reid said. "He's worked hard at his craft and has become one of the best punters in the NFL. He's got a strong leg and the ability to pin opponents deep in their own territory. We are happy we were able to come to an agreement."

Bowe, 28, had his best season in 2010, when he was voted to the Pro Bowl after catching 72 passes for 1,162 yards and a league-high 15 touchdowns.

He has caught 415 passes for 5,728 yards and 39 touchdowns in his six-year career.

The 28-year-old Albert has played in 73 games for Kansas City, including 71 starts.

The Chiefs drafted Albert 15th overall in the 2008 draft.

The 30-year-old Colquitt had 42 punts inside the opponent's 20-yard line last season, just two short of the NFL record of 44.

He was selected to his first Pro Bowl last season and is ranked 18th all-time with a 44.7 average on his punts.

Information from ESPN.com AFC West blogger Bill Williamson and The Associated Press was used in this report.