Brady Inks 3-Year Extension

Greg M. Cooper-US PRESSWIRE

Tom Brady and the New England Patriots agreed to terms on cap-friendly three-year contract extension that will most likely keep the 35-year-old quarterback in silver and blue for the remainder of his career.

Peter King of Sports Illustrated first reported the deal and then cited that it was worth “an eye-poppingly conservative $27 million.” The contract offers a $3 million signing bonus, a $7 million salary in 2015, $8 million in 2016 and $9 million in 2017. The new deal will also take them off the hook for the $43.6 million Brady was due in the next two years. As a result, the contract ensures that New England will have some cap space in signing some elite talent to put around Brady in an effort to win another Super Bowl.

To put it in perspective, Brady is taking less than half of what Drew Brees is receiving — $20 million per season. Moreover, Super Bowl MVP Joe Flacco is hoping to eclipse that mark with the Baltimore Ravens this offseason.

Brady has spent his entire 12-year career with the Patriots. In 2010, the Pro Bowl quarterback nabbed a four-year $72 million contract extension that had a staggering $48.5 million in guarantees. It was the richest contract extension a player had ever signed at the time.

The thrifty contract extension will sure up some cap space for the Patriots in the offseason. They currently have receiver Wes Welker, tackle Sebastian Vollmer and cornerback Aqib Talib off the books in 2013, and signing all three would go a long way in carrying them to the Super Bowl.