(FOXBOROUGH, Mass.) — Quarterback Tom Brady and the New England Patriots have agreed to a three-year contract extension worth $27 million, according to ESPN.
The 35-year-old Brady will also receive a signing bonus of $3 million. The extension begins with the 2015 season, in which he will make $7 million, followed by $8 million in 2016 and $9 million in 2017.
The contract will provide the Patriots with $15 million of salary cap relief over the next two seasons.
The two-time NFL MVP tossed for 4,827 yards and 34 touchdowns last season, leading New England to the AFC Championship Game, where they lost to the Baltimore Ravens, 28-13.
In 13 years with the Patriots, Brady has won three Super Bowl championships.
Copyright 2013 ABC News Radio
Jill Martin, CNN