New England Patriots News: Tom Brady Restructures Contract To Save Team $24 Million

The New England Patriots just got a late Christmas present from quarterback Tom Brady — a total of $24 million in savings.

The future Hall of Fame quarterback struck a new deal with the team that shifts around money that the team can now use in free agency. Under the deal, Brady changed the $24 million from a “skill” guarantee to an “injury” guarantee, meaning he only gets the money if he’s injured.

The new deal also allows the Patriots to release Brady without liability, making him an unrestricted free agent and allowing him to re-capture the guaranteed money he surrendered.

This is not the first time that Tom Brady has helped out his team. In 2013, he signed a restructured and extended contract for five years and $57 million, which was below market value.

ESPN.com had details of the deal.

“A breakdown of Brady’s pact, according to a person who reviewed details of the deal, reveals that the total signing bonus for the five-year, $57 million contract is $30 million — which includes $3 million in new money and $27 million that was due to Brady from his previous deal that is converted into a signing bonus for salary cap accounting. The new agreement replaces the four-year, $72 million extension that took effect in 2011, one year after Brady signed it.”

The deal helped clear up $15 million in cap space at the time. Tom Brady has enjoyed a stellar season for the Patriots. Though many had written him and the Patriots off when they stumbled to a 2-2 start, including a blowout at the hands of the Kansas City Chiefs, Brady responded by leading the team on a seven game winning streak and the top seed in the AFC heading into the playoffs.

The New England Patriots can use the money just freed up by Tom Brady to keep some of their upcoming free agents, which include cornerback Darrelle Revis, safety Devin McCourty, tackle Nate Solder and running back Shane Vereen.