The Falcons released Bailey on Thursday, Adam Schefter of ESPN reports.
The move frees up $4.5 million in salary cap space for the Falcons. In his two seasons with the team, Bailey tallied 41 tackles (22 solo) and 2.5 sacks through his 31 games. The 31-year-old, who entered the NFL in 2011 after being made a third-round draft pick by Kansas City, should catch on elsewhere as a rotational defensive lineman.