The veteran cornerback isn't thrilled with the prospect.
"It sucks, but at the same time, I have to move on," Bailey told USA Today of being cut. "I can't dwell on it. I know they're not dwelling on it."
Bailey confirmed he was not offered an opportunity to take a pay cut. The 35-year-old still plans to play in 2014.
One pitch he can give prospective teams is his willingness to play multiple positions.
"I just want to see what people will want me to do. My vision is to still play corner, but I'm a little more open-minded about the season I had last year," Bailey said. "I'm a corner at heart. If a situation made sense to play safety, then I would consider it."
Cornerback is one of the deepest free-agent positions this offseason. After the top-tier is signed in the next few weeks, Bailey will have an opportunity to fill in for teams looking for veteran depth. The 12-time Pro Bowl corner still can perform when healthy.
A willingness to move to safety could make him more valuable for teams that want to add depth in the defensive backfield. Bailey always has been a sure tackler, so the biggest question in a potential move to safety would be his speed, which has steadily declined -- partially because of injury.