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.

More in the NFL:

NFL Mock Draft: We have a new No. 1

GIF: Harbaugh unimpressed by Te'o's slow 40

Sounds of the Combine: Lots of grunts and groans

Matt Barkley still has unfinished business

Who will trade for Alex Smith?

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to SB Nation going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to SB Nation going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.