John Elway has announced via Twitter that the Broncos have agreed to a new contract with Champ Bailey:
We are thrilled to announce that the Broncos have agreed to terms on a new four-year contract with cornerback Champ Bailey. Champ is truly one of the NFL's elite players, a 10-time Pro Bowler who is playing at the absolute highest level. The commitment and loyalty that Champ has shown to the Broncos, the city of Denver and this region is exemplary. We're fortunate to have Champ with the Broncos for a long time. This is a GREAT day for our entire organization and our fans.
According to the Denver Post, Bailey has given the Broncos what is quite clearly a hometown discount - only $15 million is guaranteed over the life of the four-year deal. He will receive a guaranteed $11 million salary in 2011, with $4 million of his 2012 compensation guaranteed. Frankly, this is a stunningly favorable deal for the team which Bailey has been a part of for seven seasons now. The retention of the 10-time Pro Bowl cornerback promises Denver some stability at a position that was suddenly looking thin considering the legal issues of rookie Perrish Cox and the until-now murky status of Bailey.
Notable quotes from Champ's presser:
Testing market was "very tempting ... but at the same time there's nothing really certain about what's going on."
- "We've got great management now."
- "I feel like I'm a Denver native. I'm not from here, but I feel like I'm home here."
- "I want to make this city proud."
- "I know there's going to be changes & I welcome the changes."
- "I know we're going to have a good D-Line. Coach Fox is known for that."
- "One thing that I've learned - the grass ain't always greener."
- "Once Josh McDaniels left, things did work out, didn't they?"
- "I'm happy Denver wants me. I like it here. The fans are great. I'm embedded in this community. All those things mean a lot to me."
- "We've got a lot of work to do. We've got a lot of pieces to put in there to make this fit. What they are exactly, I don't know."
- "Hopefully this thing will get turned around faster than we all expect."
NFP - Matt Bowen applauds Denver's move.
Brandon Lloyd - I heard some encouraging things this morning. Financial details are none of my biz but "real"positive thoughts on champs return excited me!
Eric Decker - Congrats to Champ for signing his extension with the Broncos, obviously well deserved! A tremendous athlete and leader for our team!
Eddie Royal - Happy to hear the news about champ's new contract.. hes a great leader and a great player..