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.
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.
It's official I'm bleeding black and gold this morning! Thank you WhoDatNation for all the support.— Jimmy Graham (@TheJimmyGraham) July 15, 2014
- Scooby Axson