When Peter King broke the news that Tom Brady had signed a contract extension with the Patriots, he wrote that the "new contract with New England will pay [Brady] significantly less money than the market will bear, in large part to help the Patriots stay competitive for the next five seasons."
I was so moved by Brady's selflessness I almost started a pledge drive right here on BTB to help out good old Tom.
But then I decided to look at the contract in a little more detail instead. To understand how destitute Tom really is, you have to go back a while to when he signed a four-year, $72-million contract extension (with $48 million guaranteed) that runs through 2014.
Brady had received a $16 million signing bonus for the extension in 2010, which was prorated at $3.2 million over five years from 2010 to 2014. The contract also contained fairly large roster bonuses each year in addition to a relatively puny $0.25 million workout bonus (both summed up here under 'Various Bonuses'). In 2012, the contract already had a pretty big cap hit of $15.2 million, and the Patriots decided to restructure the contract to get some cap relief that year.
To do that, Brady's 2012 base salary was reduced to $950,000, with the leftover amount ($4.8 million) combined with the roster bonus ($6 million) and converted into a $10.8 million signing bonus. This new signing bonus was in turn prorated over the remaining three years of the contract at $3.6 million a year (on top of the $3.2 million proration from the previous extension).
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