I think most of us agree that Graham will ultimately be released. You are correct, the Packers don't have to give him any more money until the OTA's. So unless they need the cap space that he is taking up, no need to release him until then, he is currently costing the Packers nothing. However the Packers might benefit by releasing Graham before Free Agency. I expect another team will sign Graham, but at a much reduced contract than he is currently under. That team signing Graham, may be one less competing with the Packers for another available TE.
Lane Taylor is in a slightly different boat. While he doesn't cost the Packers anything until OTA's, to most he looks like a probable cut to save $4.55M. I doubt it happens, but the Packers could pay him his workout bonus ($250K), bring him to camp as insurance against Jenkins being injured or as a potential starter if the OL gets shuffled because Bulaga isn't resigned. All that said, I think his game has slid some and ultimately, the Packers will take the money and cut him.