FOXBOROUGH, Mass. -- Punter Jake Bailey, a 2020 first-team All-Pro, agreed to a four-year contract with the New England Patriots worth $13.5 million, a source told ESPN's Adam Schefter.

The deal runs through the 2025 season and includes $6.5 fully guaranteed, per Schefter.

Bailey was entering the final year of his rookie contract, and carried a salary-cap charge of $4.05 million -- the second highest of any punter in the NFL.

The extension is expected to lower his cap charge about $1.85 million, increasing the Patriots' overall cap space to about $4.75 million.

While the team gains cap relief, the 6-foot-2, 205-pound Bailey -- who entered the NFL as a fifth-round draft choice out of Stanford -- earns some long-term security.

He punted 49 times last season and posted a 47.3-yard average (eighth in the NFL) and 39.6 net (21st in the NFL). He also handles kickoff and holding duties.

Bailey's powerful leg is especially helpful to the Patriots when weather conditions turn colder and windier later in the season in New England. Coach Bill Belichick places a notable emphasis on winning the field-position battle, and Bailey has often been effective in helping the team do so.

In 2020, when he was named first-team All-Pro, Bailey punted for a 48.7 average and 45.6 net, with just five touchbacks.