Wow, and according to OTC the Saints only save $2M in Graham's cap hit this year by trading him.
At first glance, I think this is a no-brainer trade for the Seahawks. Giving up a first rounder kinda sucks, and it will make fitting their young guys under the cap a bit harder going forward while robbing them of a good chance to get 5 years of bargain production from a premium talent, but OTOH they're getting Jimmy Graham on a very reasonable salary for the next 3 years. Seems like a no-brainer from the Seahawks' perspective. For the Saints, seems kind of like a desperation-based cap-related move.