Releasing Bailey, who was set to make $9 million next season, will save Denver $10 million against the cap, according to CBS Sports’ Jason LaCanfora, who first reported the news.
Bailey, 36, hurt his foot in the preseason and only played in five games for Denver last season. He indicated after the Super Bowl that he planned to keep playing next season.
USA Today’s Lindsay Jones says Bailey was not offered a chance to take a pay cut and that he does not plan to retire.
Champ will likely take a massive pay cut wherever he goes next. The Broncos may use the money available to sign a different player to their secondary.