|Wednesday, August 28
Updated: August 29, 10:49 AM ET
Patriots give Brady a long-term deal
By John Clayton and Len Pasquarelli
The Patriots have rewarded quarterback Tom Brady for his Cinderella rise from being an obscure sixth-round backup to being the Super Bowl MVP by reaching agreement on a long-term contract extension Wednesday.
The extension, which the Patriots said is for four years through the 2006 season, is worth $28 million. Brady will receive a two-tiered signing bonus of $10 million -- $4 million now and the $6 million balance next March (in essence an option bonus).
Brady will still have a base salary of $375,000 for 2002, and his salary cap value for this season is just under $1.2 million. The Patriots did some so-called "simple" restructurings of few veterans, converting base salary into signing bonuses, to create the cap room needed for the Brady deal.
Brady, 24, could have been a restricted free agent after the upcoming season.
The Patriots intensified talks with Brady's agent, Don Yee, earlier this week. Yee visited the Patriots headquarters to work out some details and came closer to an agreement. The final details were worked out Wednesday morning.
Brady started 14 games last season and completed 63.7 percent of his passes. He earned a trip to the Pro Bowl.
John Clayton and Len Pasquarelli are senior writers for ESPN.com.