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)
  • Golf - All systems go on Euro-Asia alliance, says Pelley

    By Tony Jimenez VIRGINIA WATER, England (Reuters) - The European Tour's planned alliance with its Asian equivalent is likely to be rubber-stamped in time for next season, chief executive Keith Pelley told Reuters on Sunday. Talks on the expected … More »

    Reuters - 3 minutes 21 seconds ago
  • Wilson is Britain's first horizontal bar European champion

    (Reuters) - Nile Wilson became the first Briton to win the horizontal bar gold at the European Gymnastics Championships on the final day of competition in Bern on Sunday. The 20-year-old, who helped Britain to win team silver on Saturday, scored … More »

    Reuters - 6 minutes ago
  • Cycling-Protest as Tour of Belgium riders demand better safety

    By Julien Pretot PARIS, May 29 (Reuters) - Tour of Belgium riders staged a protest ahead of the fourth stage on Sunday, asking for better safety conditions after Belgian Stig Broeckx went into a coma following a crash caused by motorbikes. "CPA … More »

    Reuters - 7 minutes ago
  • The Latest: Hinchcliffe sends best wishes to injured driver

    The Latest: Hinchcliffe sends best wishes to injured driver

    Indy 500 pole sitter James Hinchcliffe took a moment before the start of Sunday's race to send his best wishes to Andrew Palmer, a sports car driver who was involved in a serious wreck on Saturday. Hinchcliffe was involved in his own serious crash … More »

    AP - Sports - 7 minutes ago
  • Gymnastics-Wilson is Britain's first horizontal bar European champion

    Nile Wilson became the first Briton to win the horizontal bar gold at the European Gymnastics Championships on the final day of competition in Bern on Sunday. The 20-year-old, who helped Britain to win team silver on Saturday, scored 15.300 points … More »

    Reuters - 13 minutes ago