Tom Brady agreed on a three-year contract extension that will save the New England Patriots about $15 million against the National Football League’s salary cap over the next two years, Sports Illustrated reported.
Brady agreed on a deal worth $27 million, less than half the market worth of the two-time NFL Most Valuable Player and three-time Super Bowl winner, the magazine said on its website, citing a person in the league it didn’t identify.
The extension keeps Brady under contract through the 2017 season, when he’ll be 40 years old, and gives the Patriots additional payroll flexibility as they seek to re-sign free agents such as wide receiver Wes Welker, cornerback Aqib Talib and offensive tackle Sebastian Vollmer.
Brady will receive a $3 million signing bonus, with salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017, according to SI.com.
Patriots spokesman Stacey James declined to comment on the report in an e-mail.
While Brady ranks 28th on Forbes’ list of the top-earning athletes, his wife, Gisele Bundchen, is the highest-paid model in the world and made $45 million last year, according to the magazine.