Report: Brady inks 3-year extension

Patriots quarterback Tom Brady has agreed to a three-year contract extension through the 2017 season worth $27 million, according to Peter King of Sports Illustrated.

King reports that the extension will include a $3 million signing bonus, as well as salaries of $7 million in 2015, $8 million in 2016, and $9 million in 2017. The deal will keep Brady in a Patriots uniform until he is 40 years old. The quarterback has said in the past he would like to play until he was at least 40.

The modest figures for Brady afford the Patriots substantial salary cap flexibility, as other elite level quarterbacks have signed for annual salaries that are twice that of what Brady will be paid each season under the extension.

That will help as the team prepares to deal with the NFL's projected flat salary cap for the coming seasons. The extension is expected to afford the Patriots $15 million of cap space over the next two seasons.

Per King, Brady's salary cap number will be as follows over the life of his remaining contract (now five seasons): 2013: $13.8 million; 2014: $14.8 million; 2015: $13 million; 2016: $14 million; and $15 million in 2017.

Brady finished with 4,827 passing yards and 34 touchdown's during the 2012 season, his 13th with the team.