WEDNESDAY, 6:58am: ESPN’s Mike Triplett and Adam Caplan provide a few more details on Hill’s offer sheet from the Bears, reporting that the three-year deal can be worth up to $7.5MM, and features $3.25MM in guaranteed money.
TUESDAY, 4:38pm: Hill’s offer sheet is worth in the neighborhood of $2MM annually, per Biggs, who notes that the Saints have less than $1.3MM in cap space (Twitter link).
4:01pm: The Bears have signed restricted free agent tight end Josh Hill to an offer sheet, according to Brad Biggs of the Chicago Tribune (Twitter links). According to Biggs, Hill got a three-year deal, which New Orleans will have five days to match. Because 
the Saints assigned Hill a low-end RFA tender, they won’t receive any compensation if they decide not to match Chicago’s offer.
Hill, 25, is coming off a career-high 16-catch season, though he averaged just 7.5 yards per reception. The three-year veteran set personal marks in yards (176), YPC (12.5) and touchdowns (five) during a 14-catch showing in 2014. Prior to signing with the Bears, whom he met with Monday, Hill visited the Jets last week.
The Bears have a No. 1 tight end in Zach Miller, but they may have created a need in the top two last week when they traded Martellus Bennett to the Patriots. Rob Housler is currently the top reserve behind Miller, though adding Hill could put his spot in jeopardy. The Saints, meanwhile, signed ex-Colt Coby Fleener to a five-year, $36MM deal when free agency opened and have Michael Hoomanawanui as a backup.
Photo courtesy of USA Today Sports Images.