However, it would cost the team two first-round draft picks if they sign Bowe to an offer sheet and the Chiefs don't exercise their right of first refusal.
The Chiefs have until July 16 to sign Bowe to a long-term deal.
Otherwise, he'll play this season under a $9.44 million franchise tender.
“Today was the league’s deadline to designate a franchise player and we felt it was in the best interest of the Kansas City Chiefs to place the tag on Dwayne,” Chiefs general manager Scott Pioli said in a statement.
A former first-round draft pick from LSU, Bowe has caught 356 passes for 4,927 yards and 36 touchdowns in five NFL seasons.
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