After 10 seasons, the Denver Broncos cut All-Pro cornerback Champ Bailey on Thursday.

Bailey, who played with the Broncos after being traded by the Washington Redskins, was set to earn $9 million in 2014 and it could have hindered the Broncos' salary cap situation.

"I don't plan to retire," the 35-year-old Bailey said. "If I have to go from corner to safety, I will.

Bailey will explore free agency for the first time in his career.