Tom Brady has agreed to a three-year, $27 million contract extension with the New England Patriots, as first reported by ESPNBoston.com’s Mike Reiss.
The deal will keep the franchise quarterback in New England through the 2017 season, but what’s shocking about the extension is the pay cut Brady is willing to take in order for the Patriots to remain competitive. The three-time Super Bowl champ will have annual salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017.
The modest figures will give the Patriots some much-needed cap flexibility next season and for years to come. A Patriots source told NFL.com’s Albert Breer that the Brady extension creates "well over" $30 million in cap space over the next two years, and $20 million for the 2013 season alone. Breer anticipates that some of the savings will be used to lock up Brady’s favorite target, Wes Welker, to a long-term deal.
The Patriots are the favorites to win the 2014 Super Bowl with 5/1 odds at the LVH.