New Orleans GM Mickey Loomis said the team would use a franchise tag on the explosive tight end if the two sides don't agree to a long-term deal.
For his part, Graham doesn't seem enthused about the idea.
"I'm not too keen on the franchise tag," Graham said at Pro Bowl practice in Hawaii. "That would be really unfortunate, but that's really all I have to say about that. That's real unfortunate. If that happens, it doesn't really matter what I prefer.”
Graham played just one-third of his snaps at the tight end position, so his side will argue he should be tagged as a wide receiver. Loomis and the Saints will maintain he should be tagged at the position for which he was drafted. The salary last year for receivers who were franchise tagged was $4 million more than tight ends.
Since being drafted out of Miami in 2010, Graham has 3,863 yards receiving and 41 touchdowns.