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The Broncos will release longtime cornerback Champ Bailey, USA Today has confirmed.

Bailey was set to earn a total of $10 million in 2014 and the move will create some cap room for the organization as they move forward into free agency.

"I'm good. It's bittersweet. Now I get to go see what is out there," Bailey told USA Today's Lindsay Jones. "I'm looking at the positive side of it."

Bailey said he was not offered a pay cut to stay with the team, and he is looking forward to entering free agency for the first time.

"It sucks, but at the same time, I have to move on. I can't dwell on it. I know they're not dwelling on it," Bailey said.

The 12-time Pro Bowler was hampered by a foot injury for most of this past season. He appeared in just 8 games - including the playoffs - for the Broncos and accounted for 23 total tackles and 3 pass deflections.

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