Graham, who turned 33 in November, ranked as the highest-paid tight end in the NFL with an average salary of $10 million and was scheduled to take up the second-most salary-cap space ($11,666,668) in 2020 of any tight end in the league.
Graham's second season with the Packers was barely different than his first. Although respected in the locker room, his on-field impact in 2019 was negligible: 38 catches for 447 yards and three touchdowns.
In his two seasons with the Packers, he scored just five touchdowns -- half of what he scored in his final season with the Seattle Seahawks in 2017.
Graham shared his thoughts about the move on Twitter.
The last 2 years have certainly been interesting! A lot of memories, friendships and humbling moments that I will carry with me into the next opportunity. Thank you for the support during our exciting run this year toward that ever so elusive ring. ✌🏽 pic.twitter.com/7tQf7eQtzC— Jimmy Graham (@TheJimmyGraham) March 11, 2020
The Packers will save $8 million in salary-cap space without Graham.
Graham is the only tight end in NFL history to have two seasons with 1,200-plus receiving yards and 10-plus receiving touchdowns (2011 and 2013 with the New Orleans Saints) and is the only tight end to register four consecutive seasons with 85-plus catches (2011 to 2014, all with the Saints).
A source told ESPN's Rob Demovsky last month that the Packers are expected to pursue tight end Austin Hooper during free agency to bolster the team's offense.