ESPN's Adam Schefter and Field Yates were first to break the news Sunday afternoon.
Brady was entering into the last year of his current contract with New England before signing the new deal, which pays the six-time Super Bowl champion $23 million for the 2019 season, per ESPN.
The Patriots were set to give Brady $15 million for the upcoming year. However, the new contract gives the quarterback an $8 million pay bump.
The extension comes one day after Brady's 42nd birthday.
The contract makes Brady the sixth highest-paid quarterback in the NFL for 2019, tying him with New Orleans QB Drew Brees.
Ian Rapoport, of the NFL Network, reported further details of Brady's apparent extension, saying that, in total, the deal is worth $70 million. The quarterback will be given raises at the end of each of the next two seasons, earning $30 million in 2020 and $32 million in 2021, per Rapoport.
The #Patriots and QB Tom Brady are in agreement on a 2-year deal worth $70M, source said, thru 2021. He gets $23M this year, then $30M and $32M in the following years — though both sides are amenable to adjusting it if the situations warrants. It’s essentially year-to-year.
— Ian Rapoport (@RapSheet) August 4, 2019
Restructuring Brady's deal for the 2019 season saves New England roughly $5.5 million in cap space, despite the QB's $8 million raise, according to Jeff Howe of The Athletic.
Here’s the important info with the Tom Brady deal, per source. It’s a 2-year extension with $70M in new money. He’ll earn $23M this year ($8M raise) while trimming $5.5M off the cap, bringing Pats space to about $14.5M. He’s on the books for $30M in ‘20, $32M in ‘21.
— Jeff Howe (@jeffphowe) August 4, 2019
Brady and the Patriots are coming off of their sixth Super Bowl-winning season after defeating the Rams 13-3 in Super Bowl LIII back in February. The title tied New England with the most Super Bowl wins in NFL history with the Pittsburgh Steelers.
New England and Pittsburgh will square off in Week 1 of the upcoming NFL season. Brady and the Patriots are set to watch the unveiling of the latest Super Bowl championship banner on opening night.
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