I'm becoming more ambivalent to the idea of Graham coming back for another year. If I were to make a decision based on performance and/or value, it would be a near-instant "no".
But, because of his affect on the cap, it may be more feasible to keep him than not. The worst part of that, in my mind, is it would be another year of limiting snaps for Tonyan and Furburger, both in practice and games.
In any case, this limits what the team can do for this position for drafting or FA acquisition. We don't need to sign another TE to ride the pine or go to the PS.