Tom Brady surely would be pumped about his new contract extension if it gets him a fourth Super Bowl ring with the Patriots. / Robert Deutsch, USA TODAY Sports
New England Patriots quarterback Tom Brady has taken a steep discount on the going rate for elite NFL quarterbacks to help the team allocate money elsewhere and make at least one more title run in his career, according to a person familiar with the agreement.
The person spoke to USA TODAY Sports on condition of anonymity because the team has not yet announced the move.
Sports Illustrated's Peter King first reported Brady has agreed to a three-year extension at $27 million, less than half the $20 million-per-season rate the New Orleans Saints' Drew Brees received last year and the mark the Baltimore Ravens' Joe Flacco hopes to eclipse this year.
The person familiar with the agreement said Brady will receive a signing bonus of $3 million, along with base salaries of $7 million, $8 million and $9 million in 2015-17, respectively.
Brady, who has started for New England since 2001, signed a four-year extension in 2010 worth $72 million. That pact, which contained $48.5 million in guarantees, took effect at the start of the 2011 season.
Brees signed a five-year, $100 million deal in 2012 while Peyton Manning received a five-year, $96 million package from the Denver Broncos.
The Patriots have several key free agents this year, including wide receiver Wes Welker, tackle Sebastian Vollmer and cornerback Aqib Talib. Brady's new deal makes it easier for New England to retain those players and also gives a team that's been close to a Super Bowl championship the opportunity to build a roster to win it for the first time since the 2004 season.
Follow Mike Garafolo on Twitter @mikegarafolo
Copyright 2014 USATODAY.com
Read the original story: Tom Brady signs cap-friendly, three-year extension with Patriots