What's Buzzing:

Shutdown Corner

Patriots, Tom Brady agree to three-year, $27 million contract extension

Shutdown Corner

View photo

.

Patriots, Tom Brady agree to three-year extension (USA Today Sports Images)

The New England Patriots and quarterback Tom Brady have agreed to a three-year contract extension that should keep the two-time NFL Most Valuable Player under contract at a team-friendly rate for the remainder of his career, Peter King of Sports Illustrated reports.

Brady was under contract through the 2014 season with base salaries of $9.75 million and a $5 million roster bonuses in each season. Brady's cap number in 2013 and 2014 were scheduled to be an astronomical $21.8 million in each season. As Shutdown Corner noted in our offseason TPS report for the Patriots, an extension through the 2017 season would help reduce that cap figure in 2013 and ensure that Brady is a Patriot until he is 40, an age Brady has said he'd like to reach in his playing career.

[More NFL: Jerry Jones wants credit as team-builder when Cowboys win Super Bowl]

According to King, the Patriots have reduced Brady's cap number to $13.8 million in 2013 and $14.8 million in 2014, a two-year cap savings of $15 million. In addition to helping the Patriots' salary cap situation in the short-term, Brady's extension goes easy on the Patriots in the cash department in the backend. In terms of new money, Brady will earn $27 million, a $9 million per year average that ranks below what quarterbacks Kevin Kolb and Ryan Fitzpatrick have received in their recent extensions.

Brady equaled a career-high with 401 completions on a career-high 637 pass attempts for 4,827 yards with 34 touchdowns and just eight interceptions, finishing the season with a passer rating of 98.7. Brady was named to eighth Pro Bowl after the season, his fourth Pro Bowl selection since sustaining a torn ACL in the 2008 season-opener against the Kansas City Chiefs.

The 35-year-old Brady has already set all of the Patriots' passing records and the future Hall of Famer is in the Top 10 in the NFL record books, as well. Brady is nine touchdown passes away from moving past Fran Tarkenton into sole possession of fourth place on the NFL's passing touchdowns list.

More news from the Yahoo! Sports Minute:

Other popular content on Yahoo! Sports:
Manti Te'o runs slow 40-yard dash times, another blow to draft stock
After leading the Lakers to victory, Kobe Bryant responds to Mark Cuban
Fans impacted by Nationwide crash still returned for Daytona 500
Tiger Woods still Masters odds favorite

View Comments (637)
  • Nelson's pitching, hitting lead Brewers past Angels 8-5

    Nelson's pitching, hitting lead Brewers past Angels 8-5

    MILWAUKEE (AP) -- Jimmy Nelson pitched seven strong innings and drove in the go-ahead run to lead the Milwaukee Brewers past the Los Angeles Angels 8-5 on Monday night. … More »

    AP - Sports - 8 minutes ago
  • Penguins top Capitals 3-2 to take 2-1 series lead

    Penguins top Capitals 3-2 to take 2-1 series lead

    PITTSBURGH (AP) -- Patric Hornqvist and Tom Kuhnhackl scored a minute apart in the first period, Matt Murray stopped 47 shots and the Pittsburgh Penguins took control of their Eastern Conference semifinal with a 3-2 win in Game 3 on Monday. … More »

    AP - Sports - 8 minutes ago
  • Ex-49er Stubblefield charged with rape

    Ex-49er Stubblefield charged with rape

    Former San Francisco 49er Dana Stubblefield was charged Monday with the rape of a ''developmentally delayed'' woman, prosecutors announced. The Santa Clara County District Attorney's Office said Stubblefield, a former defensive lineman for the San … More »

    AP - Sports - 8 minutes ago
  • Sandoval to have left shoulder surgery

    Sandoval to have left shoulder surgery

    Boston Red Sox third baseman Pablo Sandoval, a $95 million free agent who lost his starting job before going on the disabled list, will have exploratory surgery on his left shoulder to determine the source of the injury. The team announced Monday … More »

    AP - Sports - 10 minutes ago
  • Murray helps Penguins to 2-1 win over Capitals; Letang could face suspension

    The Pittsburgh Penguins scored a big Game 3 victory that may also come with a heavy cost. Rookie goaltender Matt Murray shined in a 3-2 win over the Washington Capitals on Wednesday night, which gave the Penguins a 2-1 series lead, but it was the … More »

    The Canadian Press - 11 minutes ago