NEW YORK – Tom Brady will be a Patriot until he is 40 years old.
Brady agreed to a three-year contract extension with New England on Monday, a person familiar with the contract said. The extension is worth about $27 million and will free up nearly $15 million in salary cap room for the team, which has several younger players it needs to re-sign or negotiate new deals with.
The person spoke on condition of anonymity because the extension has not been announced.
Sports Illustrated first reported the extension.
The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play at least five more years.
A three-time Super Bowl champion, Brady will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.
Drew Brees and Peyton Manning are the NFL’s highest-paid quarterbacks, at an average of $20 million and $18 million a year, respectively.