Bailey has decided to retire from the NFL, Adam Schefter of ESPN reports.

Bailey was drafted seventh overall in 1999 and quickly established himself as a dominant cornerback. In fact, beginning in 2000, Bailey was named to 12 consecutive Pro Bowls, the most in NFL history for a cornerback. Additionally, Bailey earned All-Pro honors seven times across 15 seasons spent with the Redskins and Broncos. On the whole, Bailey tallied 909 tackles (812 solo) and 52 interceptions during a decorated NFL career that should result in Bailey being inducted to the Hall of Fame.

Bailey did not make the Saints' final roster, NFL Network's Albert Breer reports.

According to NFL Network's Ian Rapoport, Bailey was passed over in favor of undrafted rookie Brian Dixon. The veteran dealt with a foot injury throughout much of training camp and the preseason, as he went from an option to start to the wrong side of the roster bubble. While Bailey figures to draw interest elsewhere, it's not as if the team he was released by has great options at cornerback.

Bailey (undisclosed) returned to practice Tuesday, ESPN.com reports.

Bailey missed nearly two weeks of practice while nursing an undisclosed injury. Despite returning to the fold Tuesday, the veteran was limited to walk-through and individual work. While it's unlikely that Bailey features in Friday's preseason game, it's still encouraging that Bailey will now get on-field work to familiarize himself with defensive coordinator Rob Ryan's scheme.

Bailey (ankle) attended the Saints practice Monday but did not participate, reports the New Orleans Times-Picayune. Bailey had not participated or attended a practice since Thursday morning. He worked out on a stationary bicycle at the start of Monday's practice.

When asked about Bailey's status last week, head coach Sean Payton said he doesn't comment on injuries. Later, Payton said he didn't think the injury was "anything serious." With the regular season still a month away, Bailey's status for the opener shouldn't be in jeopardy, but given his age (36) and injury history (only appeared in five games last season), owners in IDP leagues should continue to monitor his situation.

Champ Bailey is expected to compete for the No. 2 corner job.

Saints GM Mickey Loomis confirmed Champ Bailey was signed to play cornerback.

Bailey made it known that he was willing to play safety following his release from the Broncos, but the Saints still see the 36-year-old (in June) as a valuable corner. He'll deal with No. 2 receivers, while Keenan Lewis shadows opposing top wideouts. Bailey is a prime bounce-back candidate in New Orleans.

Saints signed CB Champ Bailey to a two-year contract.

We realize it's popular at this point in time to chalk up Bailey as "done," but he had an excellent regular season in 2012 before Torrey Smith ran by him a few times in Denver's playoff loss, and Bailey was injured throughout 2013. We're a little more open minded. Turning 36 in June, Bailey's skill set remains an excellent fit for DC Rob Ryan's press-man scheme, where he'll only have to deal with No. 2 corners opposite running mate Keenan Lewis. It's still likely New Orleans uses an early draft pick at cornerback, quite possibly in the first round.

Free agent DB Champ Bailey is visiting the Saints.

It's his first-known visit. According to ESPN's Adam Schefter, Bailey has another visit lined up if he can't work out a deal in New Orleans. The Saints have a major hole opposite Keenan Lewis, but relying on a soon-to-be 36-year-old Bailey as a starter would be risky business after injury limited him to just 193 snaps last season. Bailey is open to playing safety, but the Saints already have their starters in Jairus Byrd and Kenny Vaccaro. It's possible Bailey is being eyed as a deluxe reserve who could play all over the secondary.

The Sasn Francisco Chronicle suggests the 49ers as a possible landing spot for free agent DB Champ Bailey.

ESPN Falcons reporter Vaughn McClure believes there's a "strong possibility" Atlanta will inquire about free agent CB Champ Bailey.

The Falcons are set at outside corner with Desmond Trufant and Robert Alford, but are reportedly seeking competition or a potential upgrade on incumbent nickel back Robert McClain. Atlanta did extend McClain a $1.43M restricted free agent tender. Bailey is a Georgia native and played college ball in Athens.

Champ Bailey's agent blames his down 2013 on his foot injury, not his age.

"(Unfortunately) everybody wants to judge him based on playing hurt," Bailey's rep said. "Which is how it goes in the league. Rarely, if ever do you get an `attaboy' if you don't play as well hurt as you do when your healthy." With Bailey three months shy of his 36th birthday, teams aren't going to be buying what his agent is selling on the age front. Open to playing safety, however, Bailey will generate interest.

Updating a previous item, free agent Champ Bailey is now saying he's open to playing safety for his next NFL team.

Bailey is smart not to limit himself as he enters free agency in decline. "My vision is to still play corner, but I'm a little more open-minded about the season I had last year," he said. "If a situation made sense to play safety, then I would consider it." Bailey has always been a sure tackler, though his speed is a major question mark. That can be problematic regardless of his position.

The Broncos did not ask Champ Bailey to take a pay cut before releasing him late Wednesday.

This suggests Denver has no intention of re-signing him at a lesser rate. Bailey is "looking forward to free agency for the first time." Going on 36 after a poor season, Bailey's market will be limited. He did play well enough during the 2012 regular season that he'll likely find a new team, albeit on the cheap.

CBS Sports' Jason La Canfora reports the Broncos will release Champ Bailey.

La Canfora doesn't specify when, but the transaction will ostensibly happen in the very near future. (Bailey is owed a $1 million roster bonus on March 15, so it'll surely occur before then.) Cutting Bailey will save $10 million against the salary cap. With the savings, we wouldn't be surprised to see GM John Elway make a run at free agent SS T.J. Ward. Denver is needy at strong safety, and Broncos executive Tom Heckert drafted Ward in Cleveland.

The Broncos plan to ask Champ Bailey to take a pay cut.

In addition to a $9 million base salary, Bailey is owed a $1 million roster bonus on March 15. Coming off a season where he appeared in just five regular-season games due to injuries, he'll need to take a massive pay cut to return. "We're still in the process of talking about that," Broncos GM John Elway said at the Combine. "I'm going to sit down with Champ and find out what he wants to do and go from there."

Champ Bailey told reporters after Sunday's Super Bowl loss to Seattle that he intends to keep playing in 2014.

Bailey was burned repeatedly by Doug Baldwin in Denver's embarrassing loss, though he was playing out of position at slot corner, filling in for injured Chris Harris. At this stage of Bailey's career, he'd be best suited on the perimeter, using the sideline as a crutch. If Bailey is to return to the Broncos, he'll have to take a massive pay cut from his $10 million in scheduled salary and bonuses. Bailey turns 36 in the offseason.

Champ Bailey is owed a $1 million roster bonus on March 15.

That's in addition to a $9 million base salary. Bailey's contract will either be terminated or restructured prior to March 15. Noncommittal when asked during Super Bowl week on whether he'll keep playing in 2014, Bailey turns 36 this offseason. If the Broncos defeat Seattle, he may ride into the sunset.

Champ Bailey was non-committal when asked if he'll retire following Sunday's Super Bowl.

Bailey will turn 36 in June and is coming off an injury-plagued season that saw him appear in just five regular season games. But he did play on 56-of-59 snaps in the AFC Championship Game and will have a major role Sunday as a starter opposite Dominique Rodgers-Cromartie and slot corner in the nickel. Bailey is owed $9 million in 2014 base salary, and it wouldn't surprise us at all to see the future Hall of Famer ride off into the sunset rather than accept a pay cut.

Champ Bailey (foot) played on 56-of-59 snaps in Sunday's win over the Patriots.

It was the first time Bailey appeared to be at full strength all year, and it couldn't have come at a better time. Tom Brady was in town and Chris Harris was watching after his Divisional Round torn ACL. Bailey started on the left side and then moved to the slot in nickel packages, excelling in coverage in the process. The future Hall of Famer figures to tangle with Percy Harvin in the Super Bowl.

Champ Bailey (foot) doesn't expect to be limited in Sunday's AFC Championship Game.

WithÿChris Harris (knee) sidelined, Bailey will take on for a larger role after being limited to just 29 snaps last week. He'll start at the left cornerback spot, opposite Dominique Rodgers-Cromartie. "I'm ready for whatever they want me to do," Bailey said. "The pitch count doesn't exist this week. Whatever it takes."