Quarterback Tom Brady reached agreement with the New England Patriots on a three-year extension that will keep him under contract with the team until he is 40, SI.com's Peter King reported Monday.
The extension, which will keep him in New England through the 2017 season, is worth just $27 million over the three years. That sounds like a lot of money, but it's a lot less than a quarterback of his caliber could command in the open market.
According to the report, Brady is willing to accept less money because it will allow the Patriots to stay competitive for the next five seasons.
The extension will pay Brady a $3 million signing bonus immediately. It then calls for Brady to earn salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017.
The way the extension is structured gives the Patriots considerable cap relief.
He was due to count $43.6 million against the New England salary cap in 2013 and 2014. But with the new deal, his salary will count just $28.6 million against the cap in the next two years.