Brady initially signed a 2-year deal worth $50 million in 2020.
Fresh off of a Super Bowl, the Bucs gave Brady a 4-year extension, but the last 3 years can be voided.
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By having those years voidable, it allows the Bucs to spread out his cap hit over the life of the contract.
Brady will be paid $41 million in 2021, but the cap hit will be only $9 million in the voidable years.
A new deal that benefits both Brady and the Bucs.
This also gives the Bucs the much-needed cap space to allow them to sign some of their key free agents who are hitting the market in 2021.
The move saves the Bucs $19 million in cap space this year.
The Tom-Brady extension saves the Buccaneers $19 million against the cap this year, per sources. The additional voidable years are there to defray the cost. It was another effort from Brady to keep as much of the team together as possible. https://t.co/65qAGO5Px7
— Adam Schefter (@AdamSchefter) March 12, 2021
According to MMQB’s Albert Breer, here are the full details of the contract.
And Tom Brady's incentives in each year …
• $500K for playoffs.
• $750K for WC win and 75% playtime or bye.
• $1.25M for Divisional win and 75% p/t in '21.
• $1.75M for SB and 75% p/t in '21.
• $2.25M for 🏆 and 75% p/t in '21.
— Albert Breer (@AlbertBreer) March 13, 2021
They will now shift their attention to star pass-rusher Shaq Barrett.
“Year after year, Tom proves that he remains one of the elite quarterbacks in this game and we couldn’t be happier to keep him in Tampa Bay as we continue to pursue our goals together,” Tampa Bay general manager Jason Licht said in a statement, according to ESPN.