Tom Brady signs three-year contract extension with New England Patriots

Tom Brady finalized a contract extension with the New England Patriots on Monday that should help the team stay financially solvent.

Tom BradyAccording to ESPN, Brady and the Patriots starting talking last month about the new deal last month.

Brady will now be extended through the 2017 season which will keep him with the Patriots until he is 40-years-old.

The three-year $27 million deal will pay Brady a $3 million signing bonus with $7 million due in 2015, $8 million due in 2016 and $9 million due in 2017.

In contrast to the numbers given quarterbacks with much lesser value, it’s being reported that Brady is trusting that the team will spend the money that he could have made on reloading the roster with high-caliber talent to make his last years successful ones.

In the short-term, the Patriots will recover a significant amount of cap space.

How significant is significant?

Try $15 million dollars over the 2013-14 and 2014-15 seasons.

His 2013 cap hit has been reduced from $22 million to $13.8 million.