Quarterback Tom Brady reached agreement with the New England Patriots on a three-year extension that will keep him under contract with the team until he is 40, SI.com’s Peter King reported Monday.
The extension, which will keep him in New England through the 2017 season, is worth just $27 million over the three years. That sounds like a lot of money, but it’s a lot less than a quarterback of his caliber could command in the open market.
According to the report, Brady is willing to accept less money because it will allow the Patriots to stay competitive for the next five seasons.
The extension will pay Brady a $3 million signing bonus immediately. It then calls for Brady to earn salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017.
The way the extension is structured gives the Patriots considerable cap relief.
He was due to count $43.6 million against the New England salary cap in 2013 and 2014. But with the new deal, his salary will count just $28.6 million against the cap in the next two years.
—NFL teams want to find out about Notre Dame linebacker Manti Te’o’s sexual orientation, NBC Sports’ Mike Florio said on Dan Patrick’s radio show.
It was revealed in January that Te’o was fooled by a male acquaintance into believing he was dating a woman he genuinely loved.
Florio said teams are likely not asking Te’o directly about his sexual orientation because the inquiries could get leaked to the public.
–Various sources are issuing mixed reports regarding the trade status of San Francisco 49ers quarterback Alex Smith.
Matt Barrows of the Sacramento Bee reported there was not a deal in place to trade Smith. On Sunday, Jason La Canfora of CBS.com tweeted that 49ers officials told other teams that a deal for Smith was “effectively complete.” Also, a high-ranking 49ers source was cited by NFL.com Sunday as saying he was not aware of any deal for Smith being completed. The team to whom Smith would be ostensibly traded is not identified.
—The Philadelphia Eagles announced that they released defensive tackles Cullen Jenkins and Mike Patterson.
Jenkins started 32 games after signing a five-year, $25 million contract in 2011. He restructured the deal last year. He had four sacks in 2012 and 5.5 in 2011.
Patterson has spent his entire eight-year NFL career with the Eagles and was the team’s longest-tenured player.
—The Oakland Raiders want to restructure quarterback Carson Palmer’s contract and the New York Jets want to restructure receiver Santonio Holmes’ contract, ESPN reported.
Palmer, 33, is scheduled to make $13 million this year. The Raiders will likely have a competition for the starting job between Palmer and Terrelle Pryor.
The Jets want to reduce Holmes’ $12.5 million salary cap figure for this year. He played in only four games last year.