Fantasy Upside
The Saints gave Latavius Murray $7.2 million guaranteed, which is more than what the Baltimore Ravens gave Mark Ingram. New Orleans clearly has a plan for Murray. Even with Alvin Kamara around, Ingram still rushed for 645 yards and six touchdowns, while also adding a receiving touchdown on 21 catches, which was good enough to make Ingram a viable flex option. And that was all done in just 12 games. Murray will be available for all 16 games and there are 138 carries left from Ingram's departure and Murray is in line to receive a healthy portion of those carries.
Fantasy Downside
The main downside is obvious and that's Alvin Kamara. Kamara will always have more upside in both the rushing and passing attack. Unless something happens to Kamara, Murray's upside is capped, as he may only see about 10-12 carries per game.
Bottom Line
Even with Kamara limiting the upside of Murray, Murray does have RB2 upside. Ingram was an RB3 and missed four games. Murray is currently being drafted as a low-tier RB3 in the middle rounds, meaning he provides a ton of value with the upside he brings. There's no reason to believe Murray won't be a factor for the Saints.