I think Graham was a third round pick? But with that I think I can say, for someone that's been a fan of Hernandez since college, and from reading War Room by Michael Holly and from reading pieces here and there most noticeably from Greg Bedard, Belichick viewed Hernandez as the perfect player to play the F position. Belichick loved Hernandez the player, and obviously the Urban Meyer connection helped. Belichick had him in mind before the draft, and I don't think anything other then a team stepping in front and drafting him before the pats would stop that.
I could imagine there's probably no one that feels more dissapointed in this than BB. Obviously he'll never come out and say this, but makes you think if he'll ever take another call from Urban Meyer again.