Patriots quarterback Tom Brady restructures contract
|03.21.12 at 11:28 pm ET|
Patriots quarterback Tom Brady has restructured his contract.
Brady, who signed a four-year, $72 million extension in September 2010, was initially scheduled to make $5.75 million in base salary with a $6 million roster bonus and $250,000 workout bonus this season. Under the new agreement (first reported by Brian McIntyre of Mac’s Football Blog), Brady’s base salary was reduced to a fully guaranteed $950,000, with the remaining difference ($4.8 million) combined with the roster bonus and converted into a $10.8 million signing bonus that will be prorated over the three remaining years on Brady’s contract.
By restructuring Brady’s deal, the Patriots freed up $7.2 million in cap space.
This is not the first time Brady has restructured his deal. In the spring of 2007, he reworked his deal to allow for more cap flexibility when it came to adding wide receiver Randy Moss. On that occasion, Brady initially had a base salary of $6 million, but the quarterback and the Patriots did some shuffling, and redid the deal so Brady received a signing bonus of $5.28 million and had his base salary reduced to $720,000.