Buzz: Broncos' John Elway praises Champ Bailey, who signs with Saints

Former Denver Broncos cornerback Champ Bailey signed a two-year deal with the New Orleans Saints on Friday. The contract has a max value of $7 million, according to NFL Network's Ian Rapoport.

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.

Denver Broncos Cornerback Champ Bailey Ruled Out for Thursday

The Denver Broncos will be without star cornerback Champ Bailey tomorrow night in the NFL's 2013 season opener, Mike Klis of the Denver Post first reported (via MHR).

Bailey (foot) has not participated in practice all week and has missed most of the preseason.  In Bailey's absence, Dominique Rodgers-Cromartie will start at cornerback, likely across from Tony Carter with Chris Harris Jr. providing coverage in the slot in nickel packages.

Even without Bailey, the Broncos are currently 7.5-point favorites over the Baltimore Ravens.  The game will mark the first time the two teams have faced off since Baltimore knocked the Broncos out of the 2012 playoffs earlier this year. 

Meanwhile, wide receiver Wes Welker (ankle) has fully participated in practice this week and is expected to be able to play tomorrow night.  Kickoff is scheduled for 8:30 p.m. ET.