According to SI.com’s Peter King, Brady agreed to a three-year, $27 million contract extension, running through 2017.
The new deal, which all but guarantees the future Hall of Fame quarterback retires a Patriot, is worth “significantly less than the market will bear,” and gives New England “massive cap relief.”
Brady received a $3 million signing bonus, but his cap number for 2013 stands at a very reasonable $13.8 million. The club freed up $15 million in cap space over the next two seasons, ensuring they’ll stay competitive through the life of this new pact.
While Brady would certainly command much, much more on the open market, his selflessness isn’t a first-time occurrence. In 2005, he agreed to a team-friendly contract to help the Pats reload in free agency.
With a dearth of new-found cap room, expect the Patriots to move quickly to lock up its players — specifically cornerback Aqib Talib, offensive lineman Sebastian Vollmer, and receiver Wes Welker. It’s unlikely all three will be re-signed; Vollmer, from all indications, is first priority.
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