It's official, Jimmy Graham has signed a new contract with the New Orleans Saints. According to ESPN, Graham agreed to a 4 year, $40 million contract that includes $21 million guaranteed. Because Graham was franchise tagged, the Saints had a 3 pm (CST) deadline to sign Graham to a long term contract.
At the end of the day, it appears that the $10 million salary is the average difference between the franchise tag salary of $7 million a year for a tight end and $12 million a year for a wide receiver.
Here are the Saints and Graham's twitter posts regarding the deal.