Champ Bailey Re-Signs With Broncos

The Denver Broncos have agreed to terms on a 4-year deal that will keep pro-bowl cornerback Champ Bailey in Denver.

Broncos executive John Elway announced the agreement via Twitter on Tuesday afternoon, saying "[we] are thrilled to announce that the Broncos have agreed to terms on a new four-year contract with cornerback Champ Bailey."

The Denver Post reports that the deal is worth $43 million.

He praised Bailey in tweets minutes later, calling Bailey "one of the NFL's elite players, a 10-time Pro Bowler who is playing at the absolute highest level."

The Broncos cut off contract negotiations with the Bailey in October, after the two parties were reportedly close to hashing out a deal. The team reopened negotiations last week, but early indications were that the talks were not progressing.

Bailey told reporter Josina Anderson late last week that he was frustrated with the negotiations, and was planning on selling his home in Littleton.

Over the weekend, some Broncos fans held a rally outside Invesco field in support of Bailey.

On Tuesday afternoon, Broncos Wide Receiver Brandon Lloyd tweeted that he was hearing "encouraging news" about Bailey's return.