Report: Brady to receive lucrative extension

The New England Patriots have apparently granted quarterback Tom Brady a contract extension that should send the Michigan product and three-time Super Bowl winner into retirement a wealthy man.

On Monday, the Boston Globe cited a report from Sports Illustrated which revealed the new pact will take him through the 2017 season, at which time Brady will be 40 years old.

According to the report, Brady will receive a $3 million signing bonus and will earn just $7 million in 2015, $8 million in 2016 and $9 million in 2017.

The deal will enable the Patriots to have greater financial flexibility over the next two seasons. The two-time league MVP was slated to have a salary cap hit of $21.8 million in 2013 and 2014 under the five-year, $78.5 million pact he signed prior to the 2010 campaign.

The new breakdown on yearly cap numbers, as reported by NFL insider Peter King, is as follows: $13.8 million for 2013, $14.8 million in 2014, $13 million in 2015, $14 million in 2016 and $15 million in 2017.

Brady started all 16 games a season ago, completing 401-of-637 attempts for 4,827 yards -- second-most in his career -- along with 34 touchdowns and eight interceptions. His efforts earned him a fourth straight Pro Bowl nod and his eighth overall.

Heading into his 14th professional season, Brady has shredded defenses to the tune of 44,806 yards (ninth on the all-time list) and 334 touchdowns against 123 interceptions in 177 games for the Patriots since 2000.