12:45 pm: Peter King (Sports Illustrated) is reporting that the Chiefs traded their 2nd round pick (#34 overall) to the Patriots in return for Cassel and Vrabel.

If this is true, the Chiefs will be hailed as the winner in this deal. A second round pick is nice, but getting an established QB coming off a tremendous season, along with a top notch veteran to lead their defense is just as good, if not better.

12:20 pm: One day after they made a surprising move to obtain LB Mike Vrabel from the Patriots, the Chiefs have once again found a willing partner in New England, trading for QB Matt Cassel.

The news was first reported by Adam Schefter (NFL.com). No details have yet emerged as to the compensation the Patriots will receive in return.