Coon will revert to Tennessee’s injured reserve once he passes through waivers unclaimed.
Thompson, 26, is a former fourth-round pick of the Seahawks back in 2017. He was entering the final year of his four-year, $3.07 million contract when Seattle released him in March after unsuccessfully shopping him in trade talks.
The Chiefs signed Thompson to a contract in 2020 but waived him midseason. Thompson was claimed by the Browns before being waived again.
Thompson signed with the Broncos last month before the team released him earlier this week.
In 2020, Thompson appeared in eight games for the Chiefs and recorded 13 tackles and no interceptions.
Lipscomb, 23, signed with the Chiefs as an undrafted free agent out of Vanderbilt following the 2020 NFL Draft. He spent the first month of the season on Kansas City’s practice squad before the Chiefs released him.
He signed on to the Packers’ practice squad in October but was released a week later. Tennessee signed him to a contract back in May.
In 2020, Lipscomb did not appear in an NFL game. In his college career, he had 198 catches, 2356 receiving yards and a touchdown