Allen signs new contract with Minnesota (previously franchised by KC). KC receives Minnesota's 2008 1st round pick (17th), 3rd round pick (82nd), and a swap of 6th round picks.
All in all, seems like a pretty fair deal for both sides. KC's going nowhere this year, and now Minny seems to have a good shot to win the NFC North.
edit: Apparently KC also received a second third round pick from Minnesota, somewhere in the 80 range. Forgive me for being too lazy to look up the specific pick. If Minnesota does any less than win the NFC North they will probably regret this deal, but I don't see much challenge for them in that regard.