The New Orleans Saints will use their franchise tag on Jimmy Graham before Monday's deadline.

The Saints contend Graham is a tight end, which would mean a less expensive franchise tag than if he were classified as a wide receiver.

Graham has been one of the NFL's most productive pass catchers since coming into the NFL.

Jimmy Graham plans on immediately filing a grievance with the NFL if he's given a franchise tag as a tight end instead of a wide receiver.

The difference between a wide receiver and tight end on the franchise tag is approximately $4.5 million.

Graham led the NFL with 16 receiving touchdowns and also had 1,215 yards.

Graham is considered a tight end in fantasy football and by the New Orleans Saints, but he frequently splits out from the line of scrimmage. Graham also rarely blocks.

The New Orleans Saints have re-signed Shayne Graham and Bryce Harris.

Graham replaced Garrett Hartley, who had been struggling badly handling placekicker duties for the Saints.

Harris has shown potential as a backup lineman/jumbo tight end. Harris has a strong chance of winning the starting job at right tackle in 2014.

The New Orleans Saints will release Will Smith.

The move will create $11.5 million in cap space.

Smith is a veteran defensive lineman.

Sean Payton is optimistic that the New Orleans Saints will be able to retain Jimmy Graham this offseason, but acknowledged that it will be a challenge due to the salary cap.

"The most challenging part of your job as a coach, and I share that with Mickey (Loomis) or anyone that has been with an organization as long as we have been, going on year nine, is some of the tough decisions that have to be made with regards to your cap with the ability that you possibly can sign Jimmy Graham," Payton said on Fox Sports 1 Friday.

The Saints are projected to be approximately $12 million above the projected salary cap.

"It's very easy to say 'you are certainly going to get this done' but you have to understand there is a budget here," Payton said. "That's the challenging part. You are going to read these names that have already come across the ticker from Atlanta last week (the release of cornerback Asante Samuel and linebacker Stephen Nicholas) and we will be no different."

The Las Vegas Hilton has posted its early odds for Super Bowl XLIX, which will take place in Arizona in 2015.

Seahawks 6/1
Broncos 6/1
49ers 7/1
Patriots 12/1
Packers 15/1
Saints 15/1
Falcons 18/1
Bengals 18/1
Panthers 20/1
Colts 25/1
Chiefs 25/1
Eagles 25/1
Bears 25/1
Cardinals 25/1
Cowboys 30/1
Giants 30/1
Washington 30/1
Lions 30/1
Rams 30/1
Steelers 30/1
Ravens 30/1
Texans 30/1
Chargers 30/1
Dolphins 40/1
Buccaneers 40/1
Titans 40/1
Jets 60/1
Bills 60/1
Vikings 60/1
Browns 60/1
Jaguars 100/1
Raiders 100/1