Updated 10:42 a.m. ET on Tuesday, Feb. 26
QB Tom Brady signed a three-year extension with the Patriots, keeping him in New England through 2017, Sports Illustrated’s Peter King reported.
Brady will be 40 years old in 2017, the last year of the deal.
The extension pays Brady a signing bonus of $3 million. His base salaries will be $7 million in 2015, $8 million in 2016 and $9 million in 2017.
Brady offers his team cap relief with the deal. His cap hits over the next two years will add up to $28.6 million, a savings of $15 million in cap dollars, per the report.
ESPN Boston's Field Yates reported on Tuesday that the deal includes a $30 million signing bonus, which will be paid out over the next two seasons. The maximum value of the contract is $57 million, with $33 million guaranteed.
In 2005, Brady signed a six-year, $60 million deal, which was also team-friendly like this extension, which is only worth $27 million for three years, King notes. This deal adds three years onto the contract Brady signed in 2010.
The way we see it
For the Patriots in particular, the extension keeps one of the all-time greats in Foxborough until he calls it quits, while also allowing them to use some extra cap space to improve the parts around Brady. That’s not good news for the rest of the AFC East, which has lagged behind New England for much of the past 12 seasons, knowing that not only is Brady signed through 2017, but the Pats can keep getting better because of the deal.
The Patriots could use an upgrade at three positions — wide receiver, pass rusher and defensive back, and have three key starters set to hit free agency in WR Wes Welker, ORT Sebastian Vollmer and CB Aqib Talib. Extensions for DB Devin McCourty and MLB Brandon Spikes also loom as crucial for New England. In a couple seasons, RB Stevan Ridley and OLT Nate Solder will be up for new deals.
This also creates a curious situation for quarterbacks looking for new deals, starting with Joe Flacco. Jay Cutler and Tony Romo are entering the last years of their respective deals. Brady’s money per year in the contract is less than those players would likely ask for, and Brady is considered a more valuable player.