The Denver Broncos are releasing veteran cornerback Champ Bailey, the team’s longest tenured player, rather than pay him a $9-million salary in 2014.
Bailey, 35, will be a free agent for the first time in his career.
“I’m good. It’s bittersweet, now I get to go see what is out there,” Bailey told USA TODAY Sports on Wednesday evening. “I’m looking at the positive side of it.”
Bailey said the Broncos did not offer him a pay cut. He was set to earn a $1-million bonus if he was on the roster March 15. Bailey met with both executive vice president John Elway and head coach John Fox to be informed of his pending release.
The Broncos will save $9 million in salary and $10 million toward the salary cap.
Bailey arrived in Denver in 2004 in a blockbuster player-for-player trade for Clinton Portis with the Washington Redskins. He re-signed with the Broncos in 2011 before he could hit free agency.
Bailey is coming off the most difficult year of his 16-year career, after starting only three games in the regular season because of a nagging foot injury. He returned to the starting lineup for the AFC championship game and played in his first Super Bowl in the Broncos’ loss to the Seattle Seahawks.
“We had a great run; don’t get me wrong, a lot of ups and downs,” Bailey said. “I feel like we underachieved because we didn’t get a ring with a couple of the teams we had. Still was fun being a part of those teams.”
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