Broncos sign Champ Bailey to 4-year contract extension

The Denver Broncos have signed CB Champ Bailey to a 4-year contract extension.

The move was announced by team President John Elway via twitter.

We are thrilled to announce that the Broncos have agreed to terms on a new four-year contract with cornerback Champ Bailey.

Broncos general manager Brian Xanders and Bailey’s agent Jack Reale had been working on a four-year contract extension that will ultimately be worth between $43 million and $47 million. The contract has $22 million of guarantees. In the first year of the contract, Bailey will make $15 million, which equates to the franchise number for a cornerback in 2011. Over the first two years of the contract, he will make $22 million.

The 33-year old cornerback just appeared in his 10th Pro Browl, tying the record for his position.