Graham’s Deal Up Close

Let's see if we can spell out exactly how this deal is worth $10.5 million:

• No signing bonus
• $1 million roster bonus for reporting to camp on July 25
• $1.5 million 2008 salary
• $500,000 roster bonus for 2009
• $2 million 2009 salary
• $1 million roster bonus for 2010
• $2 million 2010 salary
• $1.5 million roster bonus for 2011
• $2 million 2011 salary

Because Graham took no signing bonus and pushed any other payouts into roster bonuses, the Buccaneers have very little wrapped up in Graham in any given year. It really is like the team is paying him a $1 million bonus for performing well last year, and after that it's pay-as-you-go. So Graham has bound himself to the Bucs for three additional years, but really got nothing for it except a moderate salary if they decide to keep him. Someone tell me why Drew Rosenhaus is considered such a great agent again.

Another thing is that this deal makes Graham an excellent trade possibility. If he performs well during the season, he could become very valuable trade bait to a team that doesn't want to pay Shaun Alexander what he'll demand or take a chance that Cedric Benson will get liquored up and embarrass their franchise. Graham's deal is very reasonable for anyone who would want to accept it.

Of course, if he is performing well, the Bucs might want to just hold onto him and let him keep running. Cadillac Williams's rehab will determine that to a large extent. When healthy, Cadillac is the most dangerous back on the team . Maybe after six weeks on the PUP, Cadillac is feeling good and running well and the Bucs don't need Graham anymore. Then they can unload him for a mid-round pick if there are any takers out there. And if not, it doesn't matter because he's cheap to keep. They'll just keep repeating that scenario every year until some team offers up what they think Graham is worth.