Bailey, a 12-time Pro Bowler who owns 52 career interceptions, saw his performance decline over the past two seasons in Denver. After Bailey limped through an injury-riddled 2013 campaign, the Broncos parted ways with the 35-year-old cornerback last month.
“Without question, he’s among the best cornerbacks to ever play the game and one of the finest players in the history of the Broncos. You couldn’t ask for more in a player than what Champ brought to this team. His combination of elite talent, class, leadership and competitiveness made him one of the all-time greats," Broncos general manager John Elway said of Bailey after the team released him on March 6.
Bailey's contract had him on the books to earn a base salary of $9 million in 2014. After leaving Denver and signing with New Orleans, Bailey will likely make less than $7 million over the next two seasons.