New England Patriots Tom Brady Reworks Contract to Free up Money

By Cheri Cheng - 30 Dec '14 09:51AM

New England Patriots quarterback Tom Brady has reworked his contract in order to free up money for the team during the offseason, ESPN NFL Insider Adam Schefter reported.

In Brady's old contract, he had a $24 million guarantee for "skill." This means that the team must commit that amount of money to Brady and by the end of March, the $24 million would be set aside. Brady would earn base salaries of $7 million, $8 million and $9 million in 2015, 2016 and 2017 respectively.

According to the sources, under the newly reconstructed deal, the $24 million guarantee for "skill" was changed to "injury" only. This means that the Patriots no longer have to set aside the money. Instead, the team can use the money to pay and sign other players up front over the next two years. The team's cap space did not change at all from this deal.

In this deal, Brady will actually make more money. As a part of the new deal, Brady will reportedly earn one million extra each year over the next three years.

Mike Reiss of ESPN Boston explained the deal in more depth, writing:

"[The Patriots] now have more ready cash. Thus, it potentially puts them in a position where they can get creative with some critical upcoming negotiations, as cornerback Darrelle Revis, safety Devin McCourty, left tackle Nate Solder (fifth-year option), running back Shane Vereen and kicker Stephen Gostkowski are some of the team's notable players scheduled to be free agents after this season. In a situation where the Patriots could be competing against other teams for those players, the possibility of being able to commit more cash to them in the 2015 calendar year could be an advantage....the Patriots added $1 million to each of the base salaries in Brady's contract, per a source. Brady will now get $8 million in 2015, $9 million in 2016 and $10 million in 2017."

The veteran quarterback can also be released from the team without any liability. He would become an unrestricted free agent if that were to happen.

Brady has reconstructed his contract in the past. In those deals, he would typically accept more money up front in order to spread out his salary cap hit.