The Associated Press

On a day other teams were figuring out ways to cut costs to get under the salary cap, the Washington Redskins - as usual - were spending money.

The Redskins agreed Monday to a $50.5 million, eight-year deal with running back Clinton Portis, all but completing the trade that will send four-time Pro Bowl cornerback Champ Bailey and a second-round draft choice to Denver.

But that can't become official until Wednesday, the start of the free agent season.

Drew Rosenhaus, Portis' agent, confirmed the deal for his client, who gained 1,591 yards for the Broncos last season. The package includes $17 million in bonuses.

Bailey was still working on a contract with the Broncos, but the sides appeared close.

"Everything is skating right along on schedule," said his agent, Jack Reale. "Things could be wrapped up quickly, maybe by tomorrow."

BILLS: Buffalo cut eight-time Pro Bowl guard Ruben Brown, who would have been due a $1.8 million roster bonus.

PANTHERS: Carolina re-signed wide receiver Steve Smith, who could have become a restricted free agent. Smith led the Panthers last season with 88 receptions for 1,110 yards, then had 19 catches for 424 yards and three touchdowns in the playoffs as Carolina made it to the Super Bowl. The Panthers also re-signed defensive lineman Al Wallace, a key reserve.

STEELERS: Running back Jerome Bettis agreed to a hefty pay cut. The 32-year-old Bettis, sixth on the NFL's career rushing list, will make $1 million, with $1 million in incentives. He was due to have made $3.75 million plus a $750,000 roster bonus.

JETS: Linebacker Mo Lewis, who started 200 games for the New York Jets during all 13 of his NFL seasons, was released in a cap move. The Jets also released both starting safeties from last season, Sam Garnes and Tyrone Carter.

BEARS: Chicago released Kordell Stewart, ending a disappointing one-year run with the quarterback who lost his job to rookie Rex Grossman. Stewart signed a two-year, $5 million deal as a free agent nearly a year ago.

The Bears also released defensive end Phillip Daniels.

FALCONS: Cornerback Ray Buchanan, an 11-year veteran dubbed "Big Play Ray," was released. Buchanan struggled the last two seasons with the Falcons.

Also cut was 10-year veteran linebacker Sam Rogers.

DOLPHINS: Jason Taylor agreed to a six-year, $45 million contract that reduces Miami's 2004 salary-cap figure by $4 million, a source close to the negotiations said on condition of anonymity.

The defensive end will now be under contract through 2009.

The Dolphins also are negotiating a new contract with quarterback Jay Fiedler, who also received permission to seek a trade.

TITANS: Tennessee reached agreement on a multiyear contract with receiver Drew Bennett, who could have become a restricted free agent. Another receiver in that category, Justin McCareins, received a tender offer that will require a first-round draft choice as compensation.

Among others to re-sign with their teams were center Mike Flynn of Baltimore; defensive tackle Josh Williams of Indianapolis; and guard Russ Hochstein of New England.

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