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Report: Tom Brady, Patriots agree to three-year extension

02.25.13 at 4:35 pm ET

According to Peter King of, Tom Brady and the Patriots have agreed on a three-year extension that will keep the quarterback with the Patriots through the 2017 season, when he’ll be 40 years old.

The new deal will pay Brady $27 million over three years, which is significantly below market value for the two-time NFL MVP. At the same time, it gives the Patriots some financial relief, as the salary cap is expected to remain flat for the next few years.

King reports Brady will get a $3 million signing bonus immediately and will play for base salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017. The deal also gives the Patriots an opportunity to potentially sign a host of key free agents, including wide receiver Wes Welker, right tackle Sebastian Vollmer and cornerback Aqib Talib, all of whom are set to hit the free agent market next month.

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