Graham’s 2015 salary became guaranteed on the third day of the waiver period, which fell on February 4th. Now, after counting for just $4MM against New Orleans’ cap in 2014, the tight end’s cap number has jumped to $11MM for the coming year. The Saints, of course, are tight against the cap this offseason and have been making some tough choices regarding their veteran players. Dealing Graham would be the most surprising move of all, however.
Less than a year ago, Graham ended an uncomfortable stalemate with the Saints by agreeing to a four-year, $40MM deal. The deal includes another $9MM in 2016 and $10MM in 2017, meaning the annual cap hits going forward are $11MM, $12MM, and $13MM, respectively.
Graham was been the league’s most consistent and productive tight end from 2011 through 2013, averaging 90 receptions, 1,169 yards, and 12 touchdowns per season during that span. Last season, he continued the trend with 85 catches for 889 yards and 10 touchdowns.