The 25-year-old's career was hanging in the balance: if Graham stayed, Rahilly went.
Fortunately for Rahilly it was the other way around.
Cats coach Mark Thompson said Graham's decision had left the door open for Rahilly to have another crack at the top.
"The irony of it all is that James Rahilly has been waiting in the wings not knowing if he'll be on the list or not," he said.
"Ben's made his mind up now, James Rahilly stays."
Next in line to join delisted players David Spriggs and Daniel Foster, Rahilly said Graham's decision to sign with the New York Jets was a case of mixed emotions.
But he laughed off any suggestion he helped Graham make his decision to follow his NFL dream.
"I definitely didn't call him, I didn't talk to him at all about it but I'm sure we'll catch up. It was good news for me, I guess, but it's sad to see Benny go," Rahilly said.
Rahilly, who was recruited via the 1997 national draft, was back to his best early this year and played the first seven games of the season before injury halted his good run.
The run-with midfielder played just one more senior game for the season.
"It was a bit frustrating for me, but the club has always been honest with me and I knew where I stood," Rahilly said.
"It didn't matter how well was playing in the reserves, I just couldn't get back in. But it was good to see all the work that was done."
Another chance to play at the elite level is all Rahilly needed to prove he can still play with the best of them.
Apart from having his wisdom teeth removed on Tuesday, he said his pre-season was already full swing.
