Graham currently has a $17.9 million cap number for 2021 but would offer only $716,000 in savings for the Eagles if they released him. Designating him as a post-June 1 cut would save the Eagles $13 million but offer little for the team in giving them immediate cap room.
A restructuring would allow the Eagles to keep Graham on the roster while also getting more immediate cap space. It's likely the team would convert some of his $13 million base salary into a bonus or agree to an extension that provides cap relief in exchange for Graham getting guaranteed money.
The Eagles already have cap hits stretching into 2024 due to Graham's current contract, including a $12.3 million dead-cap charge in 2022.
Graham, who made his first Pro Bowl in 2020 as one of the few bright spots in a frustrating Eagles season, has spent his first 11 seasons in Philadelphia. He's been one of the league's most durable players, missing only one game over the last nine seasons.
"I don't want to go anywhere," Graham said Tuesday, per Zach Berman of The Athletic. "I know I don’t have long, but I know for me, I'm here in Philly. So when I'm (retired, I'm) either going to be working here or doing something in Philly to stay connected to the team. I don't want to mess that up by just dipping out when things got a little tough. But who knows how it’s gonna go this year? Jalen (Hurts) might go in there and rock our world and lead this team down a road that I feel we could (go)."
The Eagles are currently $43 million over the projected cap, so significant changes to the roster are guaranteed in the coming days. If Graham and the Eagles can't find common ground, he'll likely be one of the cap casualties.