In a move that will free up $7.2 million of cap space for his team, New England Patriots quarterback Tom Brady has restructured his contract, according to a report.

Brady, who signed a four-year, $72 million extension with New England at the beginning of the 2010 season, was scheduled to earn a base salary of $5.75 million this on top of a $6 million roster bonus and a $250,000 workout bonus.

Under his newly agreed up parameters, Brady will make just $950,000 in a fully guaranteed base salary for 2012, with the remainder of his money owed converted to a $10.8 million signing bonus to be prorated over the final three years of his contract.

The Patriots were not in cap peril prior to Brady's restructuring, and have already made a number of free agent signings this offseason.

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