Tom Brady reportedly in early negotiations for a new deal

Tom Brady recently said that he plans on playing in the NFL until his mid 40s, and according to a Jeff Howe of the Boston Herald, he wasn’t kidding.

The report indicates that the 39-year-old quarterback and the New England Patriots are working on a contract extension.

Tom Brady and the Patriots have expressed mutual interest in a new contract, per source. Very early talks. Nothing imminent.

— Jeff Howe (@jeffphowe) February 16, 2017

Now, Brady is already signed through 2019, so for the next two seasons, Brady is going to be a New England Patriot, which means that Brady, who will be 40 by the start of the 2017 season, is already signed through the age of 42.

The terms of Brady’s hypothetical contract extension would be interesting to see. This past season, Brady was nearly the NFL’s MVP, won a Super Bowl in an incredible performance and won Super Bowl MVP honors.

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But Brady is only making $1 million next season in base salary, but he does have a $13 million up front signing bonus, which means Brady carries a cap hit of $14 million. However, in the 2018 and 2019 season, Brady’s cap hit jumps up to $22 million per season, with a $7 million signing bonus, $14 million in base salary and $1 million roster bonus.

Brady could easily make the argument that he is underpaid for next season, but the reason Brady’s cap hit is so low is because of the way he has structured his deals in the past. For his contract extension that he signed in 2014, a deal that would carry him through the 2015, 2016 and 2017 season, Brady essentially cut a deal to save the Patriots money so they could address other positional needs.

In the next contract extension, Brady will be 43. Depending on how long the extension carries, so many questions need to be asked. How long are the Patriots willing to have Brady as their quarterback? Is 43, 44 and possibly even 45-year-old Brady going to be as good as what we have seen in the past? If so, what is a mid-40 Brady worth? Would Brady be willing to take another pay cut?

We’ll just have to wait and see.