I'd do it in a heartbeat, the salary cap is scheduled to escalate so much in the next few years his cap number could be manageable. Jimmy graham combined with Wallace taking the top off the defense would be prolific.
The hostile takeover price is 2 1sts, but the Saints can accept something less. I bet they'd take a mid-1st for Graham if he is demanding a top WR contract. The Saints cap is a mess right now.
I would probably do it but if not at least feign at the idea to buy a little good will with Graham and maybe force the Saints hand a little. I seem to recall Belichick offering the tender for one of Pittsburghs players a few years back and the speculation at the time was he knew Pittsburgh would match the offer, which hurt them and bought him a little good will with the player.
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