Former Broncos cornerback Champ Bailey signs with Saints

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Denver Broncos cornerback Champ Bailey. September 3, 2013

Denver Broncos cornerback Champ Bailey. September 3, 2013

DENVER — Former Denver Broncos star cornerback Champ Bailey signed a 2-year deal with the New Orleans Saints where he’ll compete to be a starting cornerback.

NFL Network reported Friday it would be worth as much $7 million according to a source who spoke with Bailey.

Bailey visited the Saints earlier this week. The team confirmed the deal.

This should work well for Bailey at this later stage in his career. He’ll be supported by one of the best safety tandems in the NFL in Jairus Byrd and Kenny Vaccaro.

The Broncos released Bailey a month ago after he played 10 seasons in Denver.

The team would’ve been required to give the aging captain and 12-time Pro Bowler $10 million next season in the final year of his contract. Instead, his release turned him into a free agent.