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Champ Bailey released by Denver Broncos

Champ Bailey's Hall of Fame career will not continue in Denver. The 12-time Pro Bowl pick is being released by the Denver Broncos, NFL Media Insider Ian Rapoport reported, per a team source.

The news was first reported by CBS Sports' Jason La Canfora.

Bailey met with the Broncos face to face Wednesday, and he wasn't offered a pay cut to stay after 10 seasons with the team. The Broncos are ready to move on, Rapoport reported, but Bailey wants to keep playing.

That means Bailey will hit the free-agent market for the first time.

Bailey was a long-time leader for the Broncos, but his production no longer matched his big salary. The move also saves the Broncos about $10 million on the salary cap.

This means Denver faces big questions in the secondary, with the team's best cornerback, Dominique Rodgers-Cromartie, also a free agent.

Bailey, meanwhile, should get a short-term contract offer after the top tier of free-agent cornerbacks land with their new teams next week.

The latest "Around The League Podcast" talks the latest news, Jimmy Graham and the best fits in free agency.

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