Tom Brady’s contract extension and renegotiation was filed and posted with the NFL Players’ Association Tuesday, providing a look at exactly what the numbers are on the deal that will keep Brady with the Patriots until 2017, the year he turns 40.
So if you have a calculator, pen and pencil, abacus — anything to help keep track, as we needed to do — here is a breakdown.
First, something to keep in mind: signing bonus money can be pro-rated over the life of the contract, but other bonuses, such as a roster bonus, cannot. All of it counts against the salary cap.
A lot of this goes back to the contract extension Brady signed Sept. 10, 2010. He received a $16 million signing bonus at that time, which could be prorated over the five-year duration of the deal. That broke down to $3.2 million a year.
Initially, Brady’s base salary for 2012 was set to be $5.75 million with a $6 million roster bonus, plus the signing bonus money and a $250,000 workout bonus. All told, that was a salary cap hit of $15.2 million.
His cap numbers for 2013 and ’14, again from the initial terms of the 2010 extension, were to be $18.2 million each year.
But last March, Brady and the Patriots renegotiated that deal. The quarterback’s base salary for 2012 was dropped to $975,000, and the difference between the original base salary and the $6 million roster bonus (plus a little extra) was converted into a $10.8 million signing bonus, which again would be prorated over the total years of the contract.
At that point there were three years left, so the cap hit was $3.6 million per year. The $3.2 million annually was still on the books as well.
For 2012, Brady’s cap number dropped by just over $7 million, but his numbers in ’13 and ’14 went up, thanks to the new signing bonus money added to his base salaries of $9.75 million a season.
His cap hits in those years were set to be $21.8 million. The 2013 NFL salary cap will be $121 million, perhaps $122 million, so Brady alone would have taken up more than one-fifth of the Patriots’ cap.
So that’s the history. Ready to talk about the present — his new deal?
The $9.75 million in salary, plus the $5 million roster bonuses, plus the $250,000 workout bonuses Brady was set to get in each of the next two seasons – a total of $30 million – has been entirely converted into a signing bonus that will be stretched over the new five-year duration, which is $6 million per season.
Brady got $3 million in new money for 2013 and 2014 in the form of his new base salaries: $1 million for this year, $2 million for next.
For the coming season, he now will count $13.8 million against the cap: base salary, $6 million from the new renegotiation bonus, plus the $3.6 million from the 2012 reworking, plus the $3.2 million from the 2010 deal.
In 2014, that number increases by a million because of the difference in salary; everything else is the same.
Over the coming two seasons, the final two years of that initial ’10 contract, Brady was supposed to count a total of $43.6 million against the salary cap.
Now he’ll count $28.6 million, giving the team an additional $15 million to work with.
The extension begins in 2015; that year, Brady’s base salary will be $7 million, and added to the $6 million bonus proration, he is slated to count $13 million against the cap.
His base salary goes up $1 million in ’16 and another $1 million in ’17, so he will count $14 million and $15 million against the cap, respectively, in those years.
In essence, the renegotiation means Brady will make $57 million over five seasons, and all of it is guaranteed.
Brady is still getting the money he originally signed for over the coming two years, but he made it easier for New England to add more pieces to the roster, players who might get the Patriots another Super Bowl ring instead of another Super Bowl disappointment.
When news of the contract extension broke Monday, Brady’s official Facebook page posted simply, “Just Win.” On Tuesday, there was a new post, a photo of Brady surrounded by teammates, ready to take the field for a game.
“Every part of what I do depends on the guys I play with,” read the caption.