While Revis' deal has a cash value of $12 million this year, as reported by ESPN, the sides added a second year to the pact. The second year is worth $20 million, a sum so large it makes it unlikely the Patriots would pay it, thus making Revis an unrestricted free agent again in 2015.
The second year helps the team spread the salary-cap charges for Revis over two seasons instead of taking one $12 million cap hit in 2014. It also eliminates the chance he could be given the franchise tag by the Patriots in 2015.
Revis still needs to pass a physical and sign his contract. Once he does, it will continue Revis' reign as the NFL's highest-paid cornerback and give the Patriots the player they needed to replace cornerback Aqib Talib, who unexpectedly bolted for the Denver Broncos on Tuesday.
Once Tampa Bay released Revis on Wednesday, New England immediately stepped up its pursuit. The sides quickly were able to come together to reach the one-year agreement that again will give the cornerback an opportunity to hit the free-agent market after the 2014 season and become one of the biggest stories of next March.
The Buccaneers released the five-time Pro Bowl cornerback after being unable to trade him and his $16 million salary. The move saved the team a $1.5 million bonus that Revis would have been due if he remained on the roster.
The Patriots might not be done fortifying the roster at cornerback. Free agent Brandon Browner is scheduled to visit with team officials, a league source confirmed to ESPNBoston.com's Field Yates. Browner is suspended for the first four games of the 2014 regular season, after sitting out the final five games of last season for a violation of the league's substance-abuse policy.
Revis was obtained in a pre-draft trade from the New York Jets last spring, a deal that cost the Bucs a first-round pick in 2013 and a fourth-rounder this year. If Revis had remained on Tampa Bay's roster at 4 p.m. ET Wednesday, he would have been due the bonus, and the 2014 pick the Bucs sent to the Jets would have become a third-rounder.
Revis was recovering from a torn ACL in his left knee when he joined the Bucs and was given a six-year, $96 million contract. Despite not being 100 percent physically, he appeared in all 16 games and was selected to play in the Pro Bowl, where he had two interceptions, a sack and two forced fumbles.
He had 50 tackles, two interceptions and 11 passes defended in his one season with Tampa Bay.
ESPNBoston.com Patriots reporter Mike Reiss and The Associated Press contributed to this report.