What does that mean?
It means that NBC will be creating a new series with Graham as the lead, and the network is currently on the hunt for writers to work with her. Variety called the deal "one of the year's richest TV talent pacts."
Why so much money?
According to Variety, Graham had been in demand in Hollywood ever since the cancellation of "Gilmore Girls," largely because she could headline either a comedy or a drama. From a fan's perspective, I have to agree with that; she moves so easily between laugh-out-loud humor and quiet, tender moments.
Did I mention she's funny?
Here's one of her quotes following the deal: "Also, after having spent so many years representing the frog on the WB, I am especially comforted to be part of the only other network with an animal mascot."