updated 11:18 a.m. ET March 5, 2004

DENVER - Pro Bowl cornerback Champ Bailey will be the highest-paid cornerback in NFL history.

Bailey agreed to a seven-year, $63 million contract with the Denver Broncos that includes an $18 million signing bonus and $5 million in other bonuses.

Bailey’s agent, Jack Reale, said the deal was reached late Tuesday.

The Broncos declined comment Wednesday. The team set a news conference Thursday, but would not specify the topic.

The agreement clears the way for the Washington Redskins’ four-time Pro Bowler to be traded to the Broncos for running back Clinton Portis, who ran for 1,500-plus yards each of his first two seasons. Denver also receives Washington’s second-round draft pick in April.

“I think Champ’s really ecstatic,” Reale said. “He’s happy to be playing for Mike Shanahan and happy about the stability of the Broncos organization.”

League officials say the trade is the first major player-for-player deal since Oakland’s Ken Stabler and Houston’s Dan Pastorini changed cities in 1980.

Earlier this week, Portis agreed to an eight-year, $50.5 million contract with the Redskins that included $17 million worth of bonuses.

Bailey’s $9 million annual average exceeds the $7.3 million the New England Patriots pay Pro Bowl cornerback Ty Law, who had been the league’s highest-paid cornerback.

The $18 million signing bonus also exceeds the previous franchise high of $12.6 million given to quarterback Brian Griese in April 2001. And his $63 million deal surpasses the previous franchise high of $60 million given to defensive end Trevor Pryce in March 2001.

Bailey will carry a $2.5 million salary cap number this season, giving Denver room to sign other free agents. The Broncos are attempting to re-sign unrestricted free agents Ian Gold, Bertrand Berry and Reuben Droughns.

Besides signing the cornerback they have long coveted, the Broncos added a draft pick, giving them three of the top 55 picks next month. Denver will select 24th, 42nd and 55th.

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