Champ Bailey Released by the Broncos

Champ Bailey's Hall of Fame career will not continue in Denver. The 12-time Pro Bowl pick is being released by the Denver Broncos, NFL Media Insider Ian Rapoport reported, per a team source.

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)

That means Bailey will hit the free-agent market for the first time.

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.