Favre Agrees to Lifetime Extension
Brett Favre will be finishing his career with the Green Bay Packers.
The star quarterback and the team announced a lifetime extension of his contract Friday.
The extension reportedly will be for 10 years, making Favre the NFL’s first $100 million player. His contract would top the $90 million contract the Washington Redskins gave halfback Stephen Davis last year.
However, Favre’s contract, which includes a $10 million signing bonus, is essentially a six-year deal for salary cap purposes.
The final few years of the contract include highly inflated salaries that Favre will never earn. The 31-year-old quarterback has said he doesn’t see himself playing beyond 2006.
Before renegotiating his contract to allow the Packers to shave about $4 million off his 2001 salary cap number, Favre had three years and $21 million left on the seven-year, $47.25 million deal he signed in 1998.
His base salary was going to be $6.3 million next season and his salary cap number $9.474 million.
Favre’s agent, Bus Cook, and Packers negotiator Andrew Brandt completed the contract by Thursday’s deadline, allowing the Packers to get below the 2001 salary cap of $67.4 million.