Photo: Keith Allison, Flickr
BY SAM HOLLINGSWORTH
Patriots quarterback Tom Brady has restructured his contract (again) to give New England more cap room. $7.2 million worth of cap room, according to the Boston Globe.
The future Hall of Fame quarterback, who will be heading into his 13th NFL season this year, worked with the Patriots to streamline his payday more efficiently, allowing the Patriots to have more money to work with free agents and other acquisitions throughout the offseason.
After signing a four-year, $72 million contract extension in September 2010, Brady was slated to earn $5.75 million in salary this season, along with $6 million roster bonus and workout bonuses worth $250,000.
Now, Brady’s base salary has been reduced to $950,000 in guaranteed money, with the remainder (nearly $5 million) and the original roster bonus translating into a $10.8 million signing bonus that will be paid throughout the rest of his contract.
“I think we’re blessed to have the No. 1 quarterback in the NFL,” Patriots owner Robert Kraft said Thursday, according to ESPN. “But let’s also remember that when he restructures his deal, he’s getting a big bundle of cash up-front. But it is helping us create cap room.”
The Patriots have been busy since free agency started. And Brady should be happy, considering wide receivers are currently plentiful in New England. In addition to Wes Welker’s $9.5 million franchise tender, the Patriots have added Anthony Gonzalez (former Colt), Donte Stallworth (former Saint, Eagle, Patriot, Brown, Raven and, most recently, Redskin) and Brandon Lloyd (former 49er, Redskin, Bear, Bronco and, last year, a Ram) so far this offseason.
New England is also expected to restructure Chad Ochocinco’s contract and hopes to bring back Super Bowl MVP Deion Branch, who became an unrestricted free agent this season. Wideouts Julian Edelman, Britt Davis, Matthew Slater and Tiquan Underwood round out the current receiving corps that is sure to change a bit before the regular season begins.
They’ve also added tight end Daniel Fell to complement Rob Gronkowski and Aaron Hernandez.
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