The Saints have already confirmed that Bailey was among their roster cuts on Saturday as they trimmed their roster down to 53 players.
Rapoport mentions that the Saints will save $1 million by making this move. The Saints already paid Bailey a $500,000 signing bonus this spring, so they could move on if needed.
Bailey’s agent, Jack Reale, confirmed that his client wants to continue his career and isn’t considering retirement, per Rapoport.
Bailey is 36, appeared in just five games last year due to a foot injury and recorded 14 tackles to go along with three passes defensed. There are obvious questions about his ability moving forward, so we’ll have to see if a market develops for him in the coming days.