Source: Jimmy Graham goes to Chicago for 2 years, $16M

Is Jimmy Graham being overvalued by the Bears? (1:52)

The NFL Live crew questions whether Jimmy Graham is capable of performing at the same level as he ages, and whether the Bears are overvaluing him with his new contract. (1:52)

Free-agent tight end Jimmy Graham has agreed with the Chicago Bears on a two-year, $16 million deal, including $9 million guaranteed, a source told ESPN's Adam Schefter.

Graham became a free agent when the Green Bay Packers released him on March 12.

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) of any tight end in the league in 2020.

Only Philadelphia Eagles star Zach Ertz ($12.231 million) is scheduled to take up more cap space in 2020.

Graham's second season with the Packers was barely different than his first. Although he was 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, Graham scored just five touchdowns, half of what he scored in his final season with the Seattle Seahawks in 2017.

The Packers 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, 2013 with the New Orleans Saints), and he is the only tight end to register four consecutive seasons with 85-plus catches (2011-14, all with the Saints).

ESPN's Rob Demovsky contributed to this report.