The Denver Broncos have released Champ Bailey.

Bailey wasn't offered a pay cut by the Broncos as the franchise decided to move on. The Broncos save $10 million on the cap in releasing Bailey.

Bailey was acquired by the Broncos in a trade with the Washington Redskins in 2004 for Clinton Portis.

Bailey is a 12-time Pro Bowler and seven-time All-Pro at cornerback.

Bailey turns 36 in June and almost certainly would need to move to safety or be strictly a dime cornerback to continue his playing career.