The former Leeds manager fears that could be the scenario after their relegation was confirmed at Bolton yesterday.
Graham added that 'hothead' Mark Viduka must share the blame, after he was sent off for the second time in a month.
Graham predicted in The Sun: "Players like Viduka, Alan Smith, Paul Robinson and maybe even James Milner might have to be sold now. They will have to work very hard over the next five years to get back."
Graham concluded: "Viduka is a very temperamental player and you never know when he is going to lose his head. What he did against Bolton was petulant."