Exclusive rights contracts are one-year contracts worth the minimum salary based on the number of years a player has accrued.
Yelder, 25, wound up signing on with the Saints as an undrafted free agent out of Western Kentucky back in 2018. He signed a three-year, $1.71 million contract with New Orleans, but was unfortunately waived coming out of the preseason.
The Chiefs later re-signed Yelder to their practice squad before promoting him to their active roster towards the end of the 2018 season.
In 2019, Yelder appeared in nine games for the Chiefs and caught three passes for 50 yards receiving and no touchdowns.