"It's early, but it would not be a shock if Bailey, who has just $500,000 guaranteed on his contract, doesn't make the team," Bedard writes. "The Saints have some promising young defensive backs who might have to be kept. Undrafted free agent Pierre Warren, for instance, was making plays all over the field."
It's worth noting that this passage is below a section of the article that entitled "STRONG OPINION THAT I MAY REGRET BY NOVEMBER." So it's hardly a guarantee that Bailey is not going to make the roster.
Bailey might still have something to offer as a leader and a player that provides depth for the Saints secondary. But counting on him as a starter was probably always asking too much.