The news was first reported by +CBSSports.com +Jason La Canfora
Bailey met with the +Denver Broncos face to face Wednesday, and he wasn't offered a pay cut to stay after 10 seasons with the team. The Broncos are ready to move on, Rapoport reported, but Bailey wants to keep playing.
|Broncos, and long time CB, have parted ways per +CBSSports.com and other sources.|
Photo Courtesy: Denver Broncos (AP)
Bailey was a long-time leader for the Broncos, but his production no longer matched his big salary. The move also saves the Broncos about $10 million on the salary cap, creating close to $28 million in cap space for the organization.
This means Denver faces big questions in the secondary, with the team's best cornerback, Dominique Rodgers-Cromartie, also a free agent and probably their main focus to resigning their current players on their way to free agency, DRC sits atop most likely.
Bailey, meanwhile, should get a short-term contract offer after the top tier of free-agent cornerbacks land with their new teams next week.