Broncos Release CB Champ Bailey

Doug Pensinger/Getty Images(NEW YORK) -- The Denver Broncos released 12-time Pro Bowler Champ Bailey on Thursday.

Bailey had a $1 million roster bonus due March 15, but the team will let Bailey go elsewhere, which gives the Broncos $10 million in cap space for other free agents.

Bailey was entering the final year of his contract and witnessed his team get blown out by the Seahawks in the Super Bowl last month.

He was drafted by the Redskins with the seventh overall pick of the 1999 draft and was traded from Washingto to Denver in 2004.

Bailey only recorded 14 tackles last season and had no interceptions.

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