BOSTON (CBS) – Tom Brady has reportedly signed a three-year contract extension with the New England Patriots.

The deal, reported by SI’s Peter King, will keep Brady in New England until 2017 and pay him just $27 million for the three extra years, saving the Patriots nearly $15 million towards the salary cap over the next two seasons.

According to King, the extension will pay Brady an immediate $3 million signing bonus in addition to his $7 million salary in 2015, $8 million salary in 2016 and $9 million salary in 2017.

So it’s a pretty hefty pay cut for a two-time NFL MVP and three-time Super Bowl champion.

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Most importantly though, the deal will give the Patriots more financial freedom over the next two seasons. Brady was due to be a $43.6 million cap hit in 2013 and 2014, but will now only count towards $28.6 million over the next two years.

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“The Patriots can do this by guaranteeing his salaries for the next three and giving him much of the money in a chunk of a bonus right now,” notes King. “That, the source with knowledge of the contract said, is what the Patriots intend to do.”

Now, New England will have some room to re-sign their own free agents like receiver Wes Welker, corner Aqib Talib and right tackle Sebastian Vollmer.

Brady had two years remaining on his previous contract prior to Monday’s extension. With the new deal, Brady will be in a Patriots uniform until his 40th birthday.

Brady also restructured his contract with New England in 2005.

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