Per Ian Rapoport of the NFL Network, Brady signed a one-year extension Friday that runs through the 2022 NFL season. ESPN's Adam Schefter reported it's technically a four-year deal that voids after one. Schefter also noted the deal would save the Buccaneers $19 million against the salary cap this season.
On Saturday, NFL Network's Tom Pelissero provided a better breakdown of the new deal:
Tom Pelissero @TomPelissero
Tom Brady’s new contract with the #Bucs is another two-year, $50 million deal, but $41.075M is due in 2021 and just $8.925M in 2022, per source. The deal once again includes postseason incentives, and there are three voidable years, lowering his cap number in 2021 to $9.075M.
Brady signed a two-year, $50 million deal with the Bucs that was fully guaranteed in March 2020. The deal ended his storied 20-year career with the New England Patriots that included six Super Bowl wins and three MVP awards.
Bucs head coach Bruce Arians told reporters leading up to the Super Bowl he "wouldn't be surprised" if the team tried to talk with Brady about extending his deal.
General manager Jason Licht echoed Arians' sentiments during a Feb. 24 appearance on The Rich Eisen Show:
"I talk to Tom often. Probably keep that under wraps, right now. It appears that he really had a good time this year, winning the Super Bowl. Likes our organization, likes our coaches, likes our head coach and ownership. And we certainly love him. Usually when you have those things going for each ... it's a match made in happen, so we'd like to keep this going."
Despite some concerns coming into the season that Brady's skills might be on the decline, the 43-year-old showed he still has plenty left in the tank. He threw 40 touchdown passes, his second-highest total in a single season, and his 4,633 passing yards were his most since 2015 (4,770).
The Buccaneers made the playoffs last season for the first time since 2007 and won their first playoff games since beating the Oakland Raiders in Super Bowl XXXVII in January 2003.
In the lead up to Super Bowl LV against the Kansas City Chiefs, Brady said he would "definitely consider" playing past the age of 45:
Given the success Brady and the Bucs had in 2020, there's no reason to think he can't continue to play at a high level for at least a few more years. The 14-time Pro Bowler has already defied the odds by putting up great numbers at this stage of his career.
As long as the Buccaneers have Brady and their offensive nucleus in place around him, they should be able to compete at a high level in the NFC.