Broncos re-sign Champ Bailey to four-year contract for $43 million |

Broncos re-sign Champ Bailey to four-year contract for $43 million

As it turned out, Champ Bailey probably took less than market value to stay with the Broncos.

The team and its star left cornerback reached an agreement today on a four-year, $43 million contract.

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.

“The commitment and loyalty that Champ has shown to the Broncos, the city of Denver and this region is exemplary,” stated John Elway, the Broncos’ vice president of football operations, on Twitter.

Bailey also has $4 million of his 2012 money guaranteed for a total guarantee of $15 million.

The Broncos could have kept Bailey off the free-agent market by placing a $15 million franchise tag on him, so the team essentially got him for four years at the same guarantee as would have for one.

With other cornerbacks such as Nnamdi Asomugha, Darrelle Revis and Charles Woodson making more in annual average salary, Bailey showed that after playing seven previous seasons with the Broncos he was willing to take a hometown discount to stay rather than try for a bigger contract in the open market.

Bailey has earned 10 Pro Bowl appearances, a record among NFL cornerbacks. He has picked up six of those Pro Bowls in his seven seasons with the Broncos.

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