Report: Tom Brady signs an extension that will keep him with the Patriots until he’s 40 years-old

According to Peter King of SI.com, the New England Patriots have signed quarterback Tom Brady to a three-year extension that will keep him around until he 40 years-old.

Brady is reportedly taking a lot less money then he deserves.

For the second time in his illustrious career, Brady is doing something players in this day and age simply do not do: As he did in 2005, Brady, a league source told SI.com, is signing a contract with New England that will pay him significantly less money than the market will bear, in large part to help the Patriots stay competitive for the next five seasons.

Amazingly, according to the source, the deal is for an eye-poppingly conservative $27 million, which is less than half his worth by any measure.

The extension will pay Brady a $3 milion signing bonus immediately, in addition to salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017. Brady told Sports Illustrated five years ago he wanted to play until he was 40, at least, and this will accomplish that. He turns 40 on Aug. 3, 2017.

The upshot of the deal is to give the Patriots massive cap relief in a flat-cap era. He was due to count on the New England salary cap $43.6 million in 2013 and 2014. Now, his cap numbers will add up to $28.6 million in the next two years, a savings of $15 million in cap dollars at a time the Patriots have free agents they want to sign to help keep the team atop the AFC East, which they have dominated since Brady took over at quarterback in 2001.

After the Patriots move money around to lessen the blow of Brady’s money in a flat-cap era — the NFL’s salary cap is expected to be virtually the same in the next two years as it was last season, about $121 million a year — here will be Brady’s cap numbers over the next five seasons, according to a source with knowledge of the contract:

2013: $13.8 million.

2014: $14.8 million.

2015: $13 million. 

2016: $14 million. 

2017: $15 million.

The Patriots can do this by guaranteeing his salaries for the next three and giving him much of the money in a chunk of a bonus right now. That, the source with knowledge of the contract said, is what the Patriots intend to do. And history points to Brady doing the same thing eight offseasons ago.

At one point people were questioning whether Brady would finish his career with the Patriots.  Now it looks like he won’t ever play for another NFL team.