The Facts: Following up on the ongoing story. ... Two years ago, the Saints used the exclusive franchise tag on Drew Brees. The higher investment prevented another team from signing Brees to an offer sheet that the Saints couldn’t or wouldn’t match, pilfering Brees for a pair of first-round draft picks. This year, the Saints have opted for the non-exclusive version of the tag on tight end Jimmy Graham, according to Chris Mortensen of ESPN.

Diehards Line:As PFT's Mike Florio explains, the move paves the way for another team to woo Graham and ultimately to sign him to an offer sheet. If the Saints can’t or won’t match, Graham would change teams in exchange for a pair of first-round picks. The question becomes whether a team with a low first-round pick in 2014 and that expects to have a low first-round pick in 2015 would be willing to pay Graham $12 million or more annually for one of the best non-quarterbacks in the league. The Saints presumably don’t believe that another team would pay Graham what he wants and give up two first-round picks; otherwise, the Saints would have used the exclusive version of the tag. But Florio went on to point out that doing so would have raised the stakes on the question of whether he’s a receiver or a tight end, pushing Graham’s maximum tender to the average of the five highest cap numbers in 2014 for receivers, as determined in April. Bottom line? It's a bit of a gamble. ... Stay tuned.