The move frees up $9 million in salary-cap space at a time when the Bucs could certainly use it. Prior to the move, the Bucs had just under $4.4 million in cap room, sixth-lowest in the league.
Tight end Rob Gronkowski remains a free agent and has not committed to playing next season. Defensive lineman Ndamukong Suh also remains unsigned, although the feeling has been that the Bucs would like to go younger at the position as he is 35 years old.
The Buccaneers also will need about $3 million to sign their 2022 draft picks.
Last offseason, Brady and the Bucs agreed to extend his deal by one year for salary-cap purposes, saving the team $19 million. With this move, however, Brady is still set to become an unrestricted free agent in 2023.