According to King, this deal will pay Brady a $3 million signing bonus, to be paid immediately, and a salary of $7 million in 2015, $8 million in 2016 and $9 million in the last year of the deal in 2017.
UPDATE: Tuesday, Mar. 4, at 5:10 p.m. ET by Tim Keeney
Patriots owner Robert Kraft, who initially presented the possibility of a contract extension to Brady during a flight five weeks ago, wanted to make sure the future Hall of Famer had the best chance of retiring as a Patriot (via ESPN.com):
"I was probably wearing my fan hat as much as anything else," Kraft told Peter King of Sports Illustrated. "I just didn't want to ever see this become like Joe Montana leaving San Francisco,Emmitt Smith leaving Dallas, Brett Favre leaving Green Bay, Peyton Manning leaving Indianapolis. If Tom Brady played out this current contract and left us, there was no doubt in my mind that someone out there would pay him top dollar, and they should, for his ability, his leadership and his unselfishness.
"I was just trying to stay ahead of the curve. If we were going to have to pay him elite-quarterback money and have elite-quarterback cap numbers, I just didn't think we would be able to build a team. We don't want to have a team where we're paying 18 to 20 percent to a player on the cap. I wanted to do something elegant that would work for everybody. I had been talking to him off and on for maybe 18 months, about how I wanted him to finish his career here, and about how we both have to be smart about it. I just really want him to end his career a Patriot.''
---End of update---
UPDATE: Tuesday, Feb. 26, at 10:30 a.m. ET by Brandon Galvin
Tom Brady's received a $30 million signing bonus to accompany his contract extension with the Patriots, according to ESPN's Field Yates.
The deal includes a $30 million signing bonus for the quarterback, which will be paid out over a period that extends to March 15, 2015, according to a league source. Brady will earn $10 million of that signing bonus during the 2013 season, $5 million in a payment on February 15, 2014, $10 million during the 2014 season, and $5 million on February 15, 2015.
---End of Update---
In all likelihood, this deal ensures Brady will retire as a New England Patriot—the only NFL team he has ever known since joining the league in 2000.
Will Tom Brady win another Super Bowl?
This reported deal is an absolute steal for an elite NFL quarterback, and can be taken as a sign of Brady's drive to win in New England.
One of the big keys of this deal, and likely the main reason it was done now, is the instant cap relief it will provide the Patriots.
This deal not only extends the length of Brady's contract, but it also tweaks his cap hits for the next two seasons. As King reports, the Patriots were on the hook for $43.6 million for Brady over the next two years.
That number just dropped to $28.6 million. The extra cap space will be invaluable to the Patriots as they try to re-sign their own free agents and bring in new talent.
It is refreshing to see a player sacrifice his personal bottom line to give himself and his team a better shot at the title. In doing so, the legend of Tom Brady has grown even larger.