The New England Patriots agreed to a three-year, $27 million contract extension with future Hall of Fame quarterback, Tom Brady.
The contract extension lowers his average base salary and saves the Patriots $15 million in cap space. His old deal was scheduled to pay him $9.75 million in base salary for each of the next two seasons. This reduction allows the Patriots to go after other free agents this off-season.
Although his base salary has decreased, Brady is now under contract for five seasons with $57 million guaranteed, instead of $30 million guaranteed over two seasons.
Brady’s salary cap charges are now:
2013: $13.8 million
2014: $14.8 million
2015: $13 million
2016: $14 million
2017: $15 million
At age 35, Brady has not skipped a beat. He threw for 4,827 yards, 34 touchdowns and just eight interceptions last season, while taking his team to the AFC Championship game.