New Orleans Saints tight end Jimmy Graham reached an agreement in principle on a long-term deal, the team announced Tuesday.
Financial terms were not disclosed, but ESPN.com's Adam Schefter reports that Graham will receive a four-year, $40 million deal that includes $21 million guaranteed.
According to Pro Football Talk, Graham will receive $12 million to sign, to go with $1 million base salary for 2014. He is due to make $8 million next season.
Graham and the team had until 4 p.m. to reach a long-term deal after the team placed the franchise tag on him this offseason.
On Monday, it was reported that Graham would be appealing a ruling that he could be franchise tagged as a tight end. Earlier this month, arbitrator Stephen Burbank ruled that Graham was a tight end, not a wide receiver as Graham had claimed.
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The franchise tag for a tight end this season comes with a salary of $7.035 million. Wide receivers who received the franchise tag would make $12.312 million this year.
Graham caught 86 passes for 1,215 yards and 16 touchdowns last season for the Saints, earning first-team All-Pro honors. Graham has caught 301 passes for 3,863 yards and 41 touchdowns in four NFL seasons.
- Scooby Axson