From PWInsider:
World Wrestling Entertainment released Superstar Graham from a consultation contract recently. Our friends at
www.wrestlingfigs.com have
actually posted a scan of the release letter, which includes a notice that WWE retains the rights to the Superstar Billy Graham name. My gut feeling is that they wouldn't prevent him from using it as much as they want to use it for their own purposes as well, but Graham allowing the letter to be posted online is going to get him a hell of a lot of flack from WWE's side.