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Edelman was set to earn $3 million in base salary in 2017, entering the final year of his four-year deal signed in 2014. The new contract will keep him in New England through 2019.
As the Boston Herald recently noted, Edelman stands as one of the game's most impactful slot receivers. He's been Brady's most trusted go-to guy and one of the league's most productive receivers in recent years. So it's no surprise that Edelman had his usually productive season in 2016, playing in all the team's games and catching 98 passes for 1,106 yards in the regular season.
Herald staffer Karen Guregian pointed out that Brady still tends to look for Edelman whenever he's in trouble or he needs a play. So expect Edelman to have an ongoing role regardless of the changing personnel. Indeed, it's safe to say Cooks' arrival will even drive Edelman's price down to some degree.
Don't be afraid to jump in and take advantage of that value, especially in PPR leagues.