Report: Patriots Lockup QB Tom Brady To A Three-Year Extension

Peter King is reporting that the New England Patriots have reached a deal QB Tom Brady that “should make him a Patriot for life.”

Tom Brady signs a contract that should make him a Patriot for life. Will have full details to you very shortly.

— Peter King (@SI_PeterKing) February 25, 2013

King adds that Brady receives a three-year extension worth just $27 million. He’ll be under team control through the 2017 season, at which point, Brady will be 40 years old.

Brady’s final three years will pay him “less than half the going rate for star QBs,” which will allow them to address other team needs. He receives a $3 million signing bonus immediately and the rest of his contract breaks down to:

2013: $13.8 million.
2014: $14.8 million.
2015: $13 million.
2016: $14 million.
2017: $15 million

Mike Reiss reports that Brady’s $22 million cap figure is likely to be the reason that the two sides hammered out a new long-term extension.

The extension should free up a good portion of the $43.6 million in cap space that Brady would have taken up had they not reworked his contract. This is honestly an incredible deal for the Patriots as it will allow them maximize their championship window for the next few years. It could also allow them to lockup player like CB Aqib Talib and possibly even WR Wes Welker, as recent reports have indicated that they’re open to a long-term extension.

While other quarterbacks like Joe Flacco are set on maximizing their position and total dollars, Brady is willing to take offer them cap relief to pursue more Super Bowl titles. The Patriots are very fortunate that he’s willing to offer them this kind of deal. It will be interesting to see if this has any impact on players like Aaron Rodgers and Matt Ryan as they begin to negotiate their own extensions.