I always like Graham's blocking - and until last season I very much missed his contributions there.
I didn't miss him at the $6 million a season contract Denver gave him - but I missed him just the same and in hindsight my expectations that he be an all around blocking/pass catching TE was a bit unfair.
Seeing Denver cut him with $5 million due isn't a surprise - but I wouldn't be surprised if he can be a contributing blocking TE for a reasonable price on another team.
If his asking price is reasonable I wouldn't be surprsied to see someone swoop in to grab him quickly.