Bailey played the last 10 seasons in Denver and was set to make $9 million this season. Bailey had an injury-plagued 2013 season, playing in only five games after coming back from a foot injury.
Bailey, 35, spent his first six seasons with the Washington Redskins after being drafted by the team with the seventh overall pick in the 1999 NFL Draft. He was traded to the Broncos in 2004 as part of a blockbuster deal for running back Clinton Portis,
NFL free agency: Latest rumors, buzz He has 52 interceptions in his 16-year career and is a 12-time Pro Bowl selection, which is an NFL-record for cornerbacks.