Tom Brady agrees to 3-year extension, according to report

Kirby Lee-USA TODAY Sports

The Patriots agreed to a three-year contract extension with Tom Brady on Monday in a deal which will keep him in New England until he is 40 while also helping the Patriots' salary cap situation.

The New England Patriots and quarterback Tom Brady agreed to a three-year contract extension, according to a report from Sports Illustrated's Peter King.

For more on Brady and the Patriots, visit Pats Pulpit

The three-year deal is worth $27 million according to King and will keep Brady in New England through the 2017 season. The average salary of $9 million per season is likely considerably less than Brady would have received on the open market, but the deal is designed to give New England relief against the salary cap. According to the report, Brady will receive a $3 million signing bonus then salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017.

The structure of the deal will save New England $15 million in salary cap space over the next two seasons. This is the second time Brady has taken a below-market deal to stay in New England and help the Patriots retain other key players. In 2005 Brady signed a six-year $60 million contract extension, well below what he could have made on the open market.

The 35-year-old Brady would be 40 if he plays out his latest extension. He was scheduled to be an unrestricted free agent following the 2014 season, according to Spotrac.

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