Now that details have emerged about how Jimmy Graham's brand new $40 million contract will be paid out over the four years, we know how it affects the Saints salary cap situation this year.
Graham is scheduled to earn a whopping $13 million ($12 million signing bonus + $1 million base) in 2014, all of that guaranteed. But his contract only counts $4 million against the Saints salary cap this year.
Before Graham's new contract, the Saints were about $1.7 million under the cap, but that included Graham with a cap hit of about $7 million under the franchise tag. Since he's now only counting $4 million against the cap, we can safely add an additional $3 million in cap savings for the Saints.
That means the Saints should currently be about $4.7 million under the salary cap.
Graham is scheduled to earn another guaranteed $8 million in 2015.