NEW ORLEANS – If money were no object, I would love the New Orleans Saints’ signing of tight end Coby Fleener.

I’ve mentioned Fleener for weeks among the intriguing mid-level free agents who could break out in New Orleans’ offense. The 27-year-old, a former second-round pick of the Indianapolis Colts, is a pass-catching tight end who could wind up being an upgrade (on the field, anyway) over veteran Benjamin Watson. And he should generate a good amount of fantasy football buzz, as the Saints' offense and quarterback Drew Brees have been very good to tight ends over the years.

What I don’t like, however, is that the Saints are paying more than $7 million a year for an offensive weapon when they have so many more pressing needs on defense.

And let’s face it, Fleener has been more solid than spectacular in his career. The 6-foot-6, 251-pounder has averaged 52 catches, 624 yards and five touchdowns over the past three seasons.

ESPN NFL Insider Adam Schefter reported that the Saints and Fleener agreed to a five-year deal worth $36 million. That’s more than I expected Fleener to generate on the open market. And it’s way more than I expected the Saints to spend.

When they let Watson get away for somewhere between $3.5 million and $4 million per year, I gave the Saints a pass because I thought even that was too much for them to pay a tight end. Last year, the Saints sold me on the idea that it made sense to trade away one of the NFL’s game-breaking playmakers, Jimmy Graham, because they so desperately needed to use the resources to fix their defense and offensive line.

So what has changed?

Last year, the Saints fielded the NFL’s No. 1 passing offense, even without Graham, and their 31st-ranked defense set NFL records for touchdown passes allowed and opponents' passer rating.

Watson, who turned 35 in December, stepped up in Graham's absence and set or equaled personal highs with 74 catches, 825 yards and six touchdowns. Now, Fleener had better soar past those numbers if he wants to prove worthy of the price New Orleans paid.

Again, that’s no knock on Fleener. I love his potential in this offense. And the Saints needed someone to work those seams in the middle of the field after losing both Watson and veteran receiver Marques Colston this offseason.

But I would have been more enthusiastic if the Saints had spent that $7 million per year on another potential free-agent target like four-time Pro Bowl linebacker Derrick Johnson. Johnson reportedly agreed to a three-year, $21 million deal to stay with the Kansas City Chiefs, according to ESPN’s Ed Werder.

Of course, the Saints could still boost both their offense and defense this offseason. They can’t spend all of their money and their draft choices on just one side of the ball. And their wallet isn’t completely drained yet.

Chances are, the Saints will structure Fleener’s deal so that it carries a first-year salary cap cost of somewhere around $3 million. That would leave them with more than $5 million in cap space even before working out a likely extension with Brees to carve out more space. So they can probably afford one or two more key additions.

But money is an object for the Saints this year. And that makes Fleener feel more like a luxury than a reason to celebrate on the opening day of free agency.