Your question makes me curious. Could you please name for me the players in two groups of tight ends:
1.) All tight ends you think are CLEARLY better than Graham
2.) All tight ends you think are better than Graham, but you'd concede there's an argument to be made the other way.
Sure, no prob:
I think the you can make an argument that the following TEs are better than Graham - Tony Gonzalez, Jeremy Shockey, Todd Heap, Dallas Clark, Jason Witten, Ben Watson (yes, I think Ben Watson is a better TE than Graham), Randy McMichael, Chris Cooley, L.J. Smith - heck you could even make a case that Jermaine Wiggins is a better TE than Graham looking at the numbers.
Is Graham an excellent blocker? Absolutely. I appreciate blocking - and there are quite a few athletic linemen that do it just as well. In fact a few teams are using an extra OL at TE nowadays.
But we get so many people here who get so caught up about blocking because they think it demonstrates their ability to "get" the nuances of football that they actually think Graham is one of the best TEs in the game and should be paid like one.
He's more valuable to us than to many teams, no doubt - and there's always someone willing to overpay.
But ask 9 out of 10 GMs if the players on the above list are better than Graham and I think most would note Graham's excellent blocking, but take the consistent production from that position every time.
Basically my breakdown has Graham exactly where I think he should be - a top 10 TE - specifically, #10.