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.