It was initially reported that Newton signed a one-year, incentive-laden contract worth up to $7.5-million. However, New England only guaranteed $550,000 of his $1.05-million base salary, according to Ian Rapoport of NFL Network.
The former Carolina Panthers quarterback can reportedly earn $700,000 in per-game roster bonuses and another $5.75-million through unspecified incentives.
The 2015 MVP's deal also doesn't contain a clause prohibiting the use of the franchise tag in 2021, according to Jason La Canfora of CBS Sports.
Newton appeared to respond to Rapoport's report on Instagram, writing in his signature font, "This is not about money for me; it's about respect."
Even if Newton hits all of his incentives, he'll be among the league's lowest-paid starting quarterbacks. Richard Sherman called Newton's contract "disgusting," arguing that far less talented passers are being paid much more.
The Patriots were reportedly the only team to make an offer to Newton. He also spoke to the Cleveland Browns, but the talks didn't lead to anything.
Newton is widely expected to start for the Patriots, though one unnamed rival AFC East head coach isn't convinced he'll be under center right away.
"I think they are going to keep three QBs. Use Cam Newton perhaps as the wild card," the coach said Wednesday. "I actually don't see him starting Week 1 in the offense ... I know one thing for a fact: The Patriots love Jarrett Stidham."
Stidham, a 2019 fourth-round pick, was thought to be the favorite for the top job over Brian Hoyer prior to Newton's arrival.