The deal makes Graham the highest-paid tight end in NFL history, eclipsing the deal signed in 2008 by former Indianapolis Colt Dallas Clark, who got $27.55 million in the first three years of that deal.
Graham and the Saints both announced the agreement, minus terms, via Twitter on Tuesday morning:
It's official I'm bleeding black and gold this morning! Thank you WhoDatNation for all the support.
- Jimmy Graham (@TheJimmyGraham) July 15, 2014The @Saints have agreed to terms on multi-year deal with @TheJimmyGraham! pic.twitter.com/9DudENeoHR
- New Orleans Saints (@Saints) July 15, 2014The two sides came down to the wire before the Tuesday 4 p.m. ET deadline for franchise-tagged players to sign long-term contracts. But the fact that they reached a deal is a good sign that there won't be any lingering animosity from the negotiations, which included a groundbreaking arbitration hearing in which Saints coach Sean Payton and general manager Mickey Loomis testified against Graham's wide receiver argument.
Graham was angling for an even bigger payday when he filed the grievance, asking to be declared a receiver instead of a tight end for franchise-tag purposes. But his request was ultimately rejected by arbitrator Stephen Burbank earlier this month.
In the end, though, the deal appears to be a win-win for a team and player that have been a perfect fit for each other since the Saints drafted the former University of Miami basketball player in the third round in 2010.
Over the past three years, the former college basketball player has led all NFL players with 36 touchdown catches while averaging 90 catches, 1,169 yards and 12 touchdowns per season. He was a first-team All-Pro last season and a Pro Bowler in 2011 and 2013.
Several of Graham's Saints teammates, including linebacker Junior Galette, took to Twitter on Tuesday to congratulate him on his new deal:
Woke up to some Great news With Us Signing The Best TE IN DA GAME @TheJimmyGraham Congrats‼️ Lets Get dis Ring
- SACKMAN (@JuniorG93) July 15, 2014ESPN.com Saints reporter Mike Triplett contributed to this report.
Jimmy Graham Agrees To Deal
Adam Schefter discusses the news that TE Jimmy Graham and the Saints have agreed to a four-year, $40 million deal that includes $21 million guaranteed.