Graham, 33, is under contract with the Packers in 2020 at a $11.6M cap figure, the final season of his three-year deal. In theory, the Packers could save $8M by releasing the veteran, with $3.6M in dead money.
Graham, a 10-year pro, played in all 16 games in 2019 — marking his fourth straight season with perfect attendance in the regular season — plus the Packers' two-game postseason. Graham no longer features as a dominant red zone threat, but was still productive this season with 38 grabs for 447 yards and three touchdowns.
In the Packers’ two playoff games, he caught seven passes for 108 yards, including a (controversial) game-sealing first down against his old friends in Seattle.
In 10 seasons with the Saints, Seahawks and Packers, Graham has earned five Pro Bowl trips, plus a First-Team All-Pro nod in 2013, when he tallied a league-leading 16 touchdown receptions.