Broncos CB Champ Bailey's four-year contract extension ultimately came down to both sides wanting the veteran to remain in Denver. The way we hear it, Bailey's deal was very similar to the offer the Broncos pulled off the table in October, with Bailey getting slightly more guaranteed money this time around. The four-year, $43 million deal — which makes Bailey the second-highest paid cornerback in the league — will give the 10-time Pro Bowler, who turns 33 in June, a fully guaranteed $11 million in 2011.
"It means a lot, because you don't see it happen very often," Bailey said in a conference call following the announcement that he would re-sign. "But I've got to be honest — not to sound arrogant or anything — but I don't come along very often, either. … I appreciate the fact that they realize that and they realize how important it was for me to stay here."
A source close to the team said the organization spent the past few weeks reviewing its roster and examining potential free agents and came to a realization that it needed to bring back its most talented defensive player. Bailey had already placed his Denver home on the market and, along with the fact that the Broncos would soon have to compete with 31 other teams to bring him back, had several bargaining chips to get a deal done relatively quickly.