ESPN's Adam Schefter reported it's a four-year deal that can void after the first season, which makes it a team-friendly contract that saves the Bucs $19 million against the 2021 salary cap.
Albert Breer of The MMQB and ESPN's Field Yates analyzed the future Hall of Famer's longevity:
Steve DeBerg was 44 years and 279 days old when he made a start for the Atlanta Falcons in 1998. Brady is 43 years and 221 days old as of Friday.
Most impressive, though, is the fact that he's still playing at an elite level and winning championships.
The University of Michigan product completed 65.7 percent of his throws for 4,633 yards with 40 touchdowns and 12 interceptions during the 2020 season, his first with the Bucs after two decades with the New England Patriots. He added 10 touchdown throws during the playoffs en route to a triumph in Super Bowl LV.
The California native previously set a goal of playing until at least 45, and he said before the Super Bowl he could extend the timeline if he remains healthy.
"Yeah, definitely. I would definitely consider that," Brady told reporters. "It's a physical sport and you never know when that moment is. Just because it's a contact sport and there's a lot of training that goes into it. And again there has to be 100 percent commitment from myself to keep doing it."
If he continues to play at his current level, it wouldn't be a surprise to see him make a push toward playing at the age of 50.