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Champ Bailey Signs a 4 Year Extension with the Denver Broncos

We are thrilled to announce that the Broncos have agreed to terms on a new four-year contract with cornerback Champ Bailey.less than a minute ago via Twitter for iPhone

Champ deal: 4 years, $43 million. $15 million guaranteed.less than a minute ago via web

Champ Bailey better not have packed any boxes because his time in Denver will be extended by 4 years. John Elway announced today that the Broncos have agreed to terms on a 4 year contract with Champ Bailey. Last week, things were looking bleak for a Bailey return, but as of this morning, Brandon Lloyd posted on twitter that he had heard some "good things" regarding Champ's return to Denver. 

Apparently, Brandon Lloyd has good sources. Just a few hours later, John Elway announced that Champ Bailey signed on the dotted lines and will stay in Denver. This means that the Broncos have one less roster position to worry about next season. Bailey is a 10 time pro bowler and has been a bright spot on the Broncos defense for the past 7 seasons. Here's hoping he can continue to be a bright spot for four more. 

As you can see from the tweet, above, Champ signed a 4 year, $43 million contract with $15 million guaranteed. This deal is great for the Broncos. Champ Bailey is taking a $2 million pay cut from 2010. He made $13 million last year and will make $11 million this year. $4 million dollars is guaranteed to Champ in 2012 and the rest of the money is presumably based on escalators.

Here are a few more tweets from John Elway, showing exactly how much Champ Bailey means to the Denver Broncos organization:

Champ is truly one of the NFL's elite players, a 10-time Pro Bowler who is playing at the absolute highest level.less than a minute ago via Twitter for iPhone

We're fortunate to have Champ with the Broncos for a long time. This is a GREAT day for our entire organization and our fans.less than a minute ago via Twitter for iPhone