Report: Brady Agrees To 3-year Extension

Sports Illustrated reports Tom Brady has agreed to a 3-year, $27 million contract extension. The deal will help the Patriots free up approximately $15 million in cap space for 2013-14.

Patriots QB Tom Brady has agreed to a three-year $27 million extension according to a report by Peter King of Sports Illustrated.  Brady's deal would keep the team leader in New England through the 2017 season, the year Brady turns 40.

The extension provides Brady with a $3 million bonus now, and would guarantee his salary of $7 million in 2015, $8 million in 2016 and $9 million in 2017.  

Brady's deal would alleviate pressure on the Patriots cap by freeing up nearly $15 million in cap space for 2013-14 seasons.  It's a move similar to one the QB has done in the past – taking an up front bonus  to free up cap space.

In 2012 Brady restructured his deal from a $5.75 million base salary to a $950,000 base salary with the difference made into a $4.8 million signing bonus helping the team create $7.2 million in cap space. It was a move team owner Robert Kraft applauded.

"I think we're blessed to have the number one quarterback in the NFL," Kraft said of Brady at the time. "But let's also remember, that when he restructures his deal, he's getting a big bundle of cash up-front. But it is helping us create cap room."

According to King's estimates Brady's 2013-14 cap charge drops from roughly $22 million per year to $13.8 million in 2013 and $14.8 million in 2014.

Compared to other quarterbacks around the league, Brady's $22 million cap number would have placed him at the top of the NFL in cost measured by cap space.  Now that distinction belongs to New York Giants QB Eli Manning who's 2013 cap charge is $20,850,00 according to estimates by Spotrac.

If Brady's decision to restructure was intended to free up space for his teammates, he picked a good time to make it happen. The new league year starts March 12th.  At that time New England has a host of starters scheduled to hit the free agent market including Wes Welker and Sebastian Vollmer.

If nothing else, Brady's proved he lives the Patriots motto once again, no one person is more important than the sum of the parts.

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