NFL.com's Ian Rapoport and Tom Pelissero report that the Packers will be paying Graham, a free agent from Seattle, a $10 million per year average over three years. It will involve $22 million the first two years.
SI.com reports that Jordy Nelson's "cap hit" would have been $12.5 million in 2018, at least $1.5 million higher than what Graham is expected to make per year in the first two years of the deal.
Last season, Graham caught 57 passes for 520 yards and 10 touchdowns. In 2017, all the Packers tight ends combined for just 43 receptions, 680 yards and one touchdown.
This shows a dramatic improvement in productivity at the tight end position, with a small dropoff at most between Nelson and Randall Cobb at the No. 2 position. The No. 3 wide receiver performance dropoff may be more prohibitive, but at a part-time position compared to tight end.
Overall, Green Bay saved money and improved its receiving corps with the combined moves, particularly at one of the Packers' worst positions.