According to Adam Schefter of NFL.com, the Patriots have traded Matt Cassel to the Kansas City Chiefs. Terms of the deal, which may or may not include Mike Vrabel, are supposed to be announced later today.
UPDATE
It appears that the Patriots will receive the #34 pick in the 2009 NFL Draft in exchange for Matt Cassel and Mike Vrabel. While many Patriot fans will be disappointed, we here think that the additional $18+ million in Salary Cap room will also be very beneficial – especially if the Patriots can extend Vince Wilfork, which according to John Clayton the Patriots are already doing.

