Broncos' Champ Bailey Discusses New Contract

The Denver Broncos have reached an agreement with Pro Bowl cornerback Champ Bailey.

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Denver Broncos, Champ Bailey Agree To Four-Year, $43 Million Deal

Contract details have officially been announced for the recent agreement between the Denver Broncos and free agent cornerback Champ Bailey.

According to Mike Klis of the Denver Post, the contract is a four-year deal valued at $43 million.

Bailey, who turns 33 in June, took a pay cut to stay. He will make a guaranteed $11 million this season, or $2 million less than the $13 million he made in 2010.

Bailey will now be a member of the Denver Broncos and will help new head coach John Fox revamp a defense that has proved extremely porous the last few seasons. He should receive help from All-Star defensive end Elvis Dumervil, who should return at full strength after missing last season with a torn pectoral.

Bailey is a 10-time Pro Bowl selection, has 48 career interceptions, and is on track to be a first ballot Hall of Fame selection once his career is over, a career that should now continue in Denver.

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Broncos Reach Agreement With Champ Bailey

The Denver Broncos locked up future Hall of Fame cornerback Champ Bailey to a four year contract, according to Vice President John Elway's twitter feed.

We are thrilled to announce that the Broncos have agreed to terms on a new four-year contract with cornerback Champ Bailey.less than a minute ago via Twitter for iPhone

 

No details have been announced as of yet, but new head coach John Fox no longer has to worry about filling his backfield on defense, as Bailey should now retire as a member of the Denver Broncos. Bailey, 32, has 48 career interceptions and played in 15 games last season.

More details will be announced as they are released.

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Broncos, Champ Bailey Start New Contract Talks

While the Denver Broncos broke off contract extension talks with impending free agent cornerback Champ Bailey back in October, the Denver Post reports that both sides appear to be talking about a new deal now. They will use the two-week period allowed to designate players with the franchise tag to work this out. It is unlikely the team will use its franchise tag on Bailey because a salary of $15 million for the coming season will be too expensive.

March 3 is the deadline for a new collective bargaining agreement. If no deal is reached, free agency will not start until a new deal is struck.

If a new contract can be reached, this would likely clear up the team's direction in the draft. LSU cornerback Patrick Peterson, widely regarded as the top defensive back in the draft, has been considered a strong possibility for the Broncos with the No. 2 pick if Bailey left through free agency. Retaining Bailey doesn't necessarily mean the Broncos will lean away from Peterson come the draft, but the position certainly isn't as high of a priority as it would have been. With three picks in the first two rounds, the team can look later for the soon-to-be 33-year-old's replacement.

Still, contract talks are in their early stages with much left remaining.

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