WBRZ - Baton Rouge

FOXBOROUGH, Mass. - The New England Patriots have a lot more cap room, thanks to their starting quarterback.

A person familiar with the contract says Tom Brady has received a three-year extension from the Patriots worth about $27 million. The new deal clears nearly $15 million from New England's salary cap.

The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play five more years.

The three-time Super Bowl champion will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.