The reigning champion Kansas City Chiefs remain the favorite to repeat and win Super Bowl LV.

Kansas City's odds, according to the William Hill Sportsbook, have dropped from 7/1 since January 20 to 4/1 now.

No team has won back-to-back Super Bowls since the 2003-04 New England Patriots.

The Baltimore Ravens currently have 13/2 odds to win the Super Bowl (down from 7/1), followed by the San Francisco 49ers (7/1, same as January 20), the New Orleans Saints (up to 11/1 from 10/1), and Dallas Cowboys (down from 20/1 to 12/1).

The Kansas City Chiefs have released Dustin Colquitt.

Colquitt was the longest-tenured member of the Chiefs at 15 years.

Colquitt posted a note to his Instagram account that said in part, "I have enjoyed my time in Chiefs Kingdom, all things come to an end, sometimes sooner than you hoped ... Holding this post for 15 years has been an honor that I never took for granted. Thank you KC."

The Kansas City Chiefs hope to sign both Patrick Mahomes and Chris Jones to long-term deals.

"I would like to think that we're fairly confident, and we have a lot of time," GM Brett Veach said, via an official team transcript. "(They're) cornerstones in this organization. We do have some time, and now that the draft is over, and the free agency period here with the pandemic and the virtual draft, there was certainly a lot of distractions. But now that this is behind us here, we have a window now that we can kind of reset as an organization."

The Chiefs used the non-exclusive tag on Jones this offseason.

Earlier this offseason the Kansas City Chiefs said a new contract for Patrick Mahomes will get done before there is any chance he'll leave the team.

On Thursday, Brett Veach addressed the quarterback's contract. The general manager said Mahomes "isn't going anywhere," but noted that there's a lot of time to sort things out.

The Chiefs could exercise their fifth-year option on Mahomes' contract to buy more time.

"I can never sit here and speak in definitive, so I can't say that the fifth-year won't be an option or anything like that," Veach said. "It would be hard for me to say that we'd have to use that. If we feel that it's a priority when you have a great player, and that great player is a priority, to things get done. It's just hard to put a timetable on exactly when and how that will all work out. But we know and I'm sure he knows that it will get done and it will be taken care of."

LeSean McCoy isn't ready to retire and hopes to play another two seasons in the NFL.

"I really just want to play two more years," McCoy said in an interview with SiriusXM NFL Radio. "I talk to Frank [Gore] about this. He always tells me, 'Never put a ceiling on your career. Hey, if you feel good and you do well, do another one year and vice versa. If it doesn't go well, just let your body talk to you.' My body feels fine."

McCoy, 31, just finished his 11th NFL season and is a free agent. He won a Super Bowl with the Kansas City Chiefs in a limited role.

A six-time Pro Bowl selection, McCoy said has "a couple teams that I'm looking at."

Sammy Watkins will remain with the Kansas City Chiefs after he agreed to restructure his contract, according to a source.

The wide receiver's new deal has a maximum value of $16 million, including $7 million in incentives, and contains a no-trade clause.

The move creates $5 million in salary cap space for the Kansas City Chiefs.