The transition tag is the average of the top 10 at the position so it's less money. But the player is still free to sign with anyone - all it does is give you the right to match the players best FA offer. If you do he stays with you, if not he goes with no compensation for losing him. Players really don't like that one because it means you didn't think highly enough of the little bugger to franchise him, the team he accepts an offer from is stuck waiting 7 days for you to decide if you will match - during which they can lose out on the chance to get their next choice. There was also a problem last year with poison pill clauses inserted by the new team that the former team could not match (like X # of games played in the former teams state would result in a huge contract increase) which the league has let teams know it will frown on this year but the union has yet to agree to amend the CBA so they officially can't pull crap like that.
I would think transition is the way to go with Graham if they can't get it done between now and FA. See what his market truly is, and if it's not that far off maybe they match the offer. I think they know what Samuel's market is likely to be and it's not a number they want to pay for his talent or that position. That's why I think they will likely tag him just to trade him rather than let him go wherever he chooses (like AFCE) for just a compensatory pick in 2008. They did it with Tebucky back in 2002 when he was in fact over rated and it got us a nice package of picks from NO which in part led to our being able to trade a pick for Dillon.
And as for repeat tagging, the problem with the tag is it all goes on the cap as salary. The are not likely willing to take a $7.9M cap hit for Asante in 2007 let alone an $8.5M+ hit for him in 2008. Those are Seymour hits.