Bailey, 25, inked a seven-year, $63-million US contract Thursday with his new team, the Denver Broncos, who acquired him from the Washington Redskins for Portis.
"This team hasn't had a corner who has come close to him in a long time," Broncos owner Pat Bowlen said.
Bailey's pact includes an $18-million US signing bonus, but the four-time Pro Bowl cornerback claims he's worth every penny.
Clinton Portis agreed to play for the Redskins for $50.5 million US.(AP Photo)
"I won't be a disappointment," said Bailey, who has yet to miss a game since entering the NFL in 2001.
"I can guarantee that."
Bailey certainly didn't disappoint last season, recording 67 tackles and two interceptions in 16 starts.
The Georgia product has compiled 312 tackles, 18 INTs and a touchdown in 80 starts with Washington since being drafted seventh overall in 1999.
"We made what I think is a sound decision by getting one of , if not the, top cover corner in the league," Broncos general manager Ted Sundquist said. "But we've structured so it's not going to tear us up in the next two, three, four years.
"Down the road, we'll feel like we've got a Pro Bowl player at what we consider a very good (salary) cap number."
Fact is, Bailey was fed up playing for the chaotic Redskins and even threatened to boycott training camp if labelled their franchise player.
"It was extremely obvious that he wasn't coming to camp," Redskins head coach Joe Gibbs admitted. "I think he pretty well made up his mind that it was going to be hard for him to come back here."
That said, the Redskins promptly announced the signing of free agent Shawn Springs as Bailey's replacment.
Springs, formerly of the Seattle Seahawks, signed for $30 million US over six years, including a $10-million US signing bonus.
"You mention Champ Bailey and how he didn't want to be here," Springs said. "I know how that can be, sometimes, when you feel like you just need a change.
"That's how I felt in Seattle."
Portis reached terms Monday on an eight-year, $50.5-million US contract with the Redskins.
But that agreement was predicated on the Broncos signing Bailey.
Denver conditionally agreed last week to trade Portis to Washington for Bailey and a second-round pick in next month's NFL Draft.
"I have a chance to control what happens in the game," Portis said. "I have the ball and I'm the only one that knows what I'm going to do with it."
Portis' pact, which reportedly includes a signing bonus upwards of $17 million US, is the most lucrative ever for an NFL running back, much less one with only two seasons under his belt.
"I know a lot will be expected of me," Portis said. "And a lot will be placed on these shoulders.
"The only good thing is, these shoulders are not that big, so I cannot carry everything. But I will try to carry my share of the load.
"I think I have a great line, a great foundation in front of me. And hopefully, we'll carry this team to where it wants to go and that's the Super Bowl."
Portis, NFL Offensive Rookie of the Year in 2002, had two years remaining on the four-year contract he signed with Denver upon being drafted in the second round.
The former University of Miami star was slated to earn $380,000 US in 2004 followed by $455,000 US in 2005.
"No one would have ever imagined me getting out of Denver anytime soon," Portis said. "Coach (Mike) Shanahan called me and, basically, said, 'Thank you for what you have done for this organisation.
"But I cannot pay you what you're worth. You deserve to be paid has one of the top players in the NFL.'
"He gave me the opportunity to talk with Redskins. And they made it happen."
Portis rushed for a career-high 1,591 yards with 14 touchdowns last year, despite missing three games with ankle, knee and sternum injuries.
He also led the NFL at 5.5 yards-per-carry, the same average he posted rushing for 1,508 yards and 15 TDs in 12 starts during his rookie season.
"We're all a big fan of production, someone who actually gets things done," Redskins head coach Joe Gibbs said. "His first year, he had 1,508 yards and was named rookie of the year.
His second year, he backed that up with 1,591 yards. We're hoping that continues."
with files from Sports Network