Earlier in the day, the Saints reached an agreement with TE Jimmy Graham on a four-year contract worth a reported $40 million and includes $21 million.
Mike Florio of Pro Football Talk provides an in-depth look at the specifics of Graham’s new contract.
According to Florio, Graham will receive a total of $13 million in 2014 — a $12 million signing bonus and a $1 million base salary. Graham’s 2014 cap figure will be $4 million.
Next year, Graham’s $8 million will become fully guaranteed on the third day of the 2015 waiver period, but it’s just guaranteed for injury before then.
Releasing Graham before this money is due would result in $9 million of dead money, according to Florio, so this can be ruled out as a possibility.
In the end, Graham’s contract will essentially pay him $21 million over two years or $13 million for a single season.
Had he played out the 2014 season under his franchise tender, he would have made $7.035 million, so this is clearly a big upgrade in terms of salary.