BOSTON (CBS) – New England Patriots quarterback Tom Brady restructured his contract last week, saving the Pats $7.2 million against the salary cap this coming season.
However, Brady’s cap hit will now be higher for the 2013 and 2014 seasons.
Brady originally signed a four-year, $72 million extension in 2010, where his 2012 base salary was $5.75 million. That will now be just $950,000. The remaining $4.8 million will now be combined with a $6 million roster bonus (set to be earned in February 2013), with the $10.8 million becoming a signing bonus prorated over the final two years of the deal.
The quarterback’s cap hit was set to be $15.2 million this season but will drop to $8 million. But now his cap hit of $18.2 million in ’13 and ’14 will increase to $21.8 in each of those years.
Luckily for New England, the cap is expected to increase by then.
With this happening last week, it’s unlikely the Pats will use the extra cap space to sign another marquee free agent. The money could already be going to recently signed wide receiver Brandon Lloyd.
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The story was first reported by Brian McIntire and has since been confirmed by several outlets.