Bailey did not play for Florida this fall, and was in line to be redshirted. But with a pair of top recruits coming in (Vernon Hargreaves III and Nick Washington both play cornerback, Bailey's position), the existing rotation of Loucheiz Purifoy, Marcus Roberson, and Jaylen Watkins holding down the cornerback position this fall, and Brian Poole ahead of Bailey on the depth chart, it's unlikely that Bailey was going to see much time in the near future.
It is unclear where Bailey will transfer. He should have four years to play four seasons of football.
Bailey is the second Florida player to transfer from the school, which has not confirmed his exit, this fall. Will Muschamp announced defensive-turned-offensive lineman Jafar Mann's transfer in November.
The most important impact of Bailey's transfer? It will likely help free up room the Gators need for a swelling recruiting class. Read more about why Florida needs attrition in this week's Alligator Army Mailbag.
Best of luck to Bailey as he continues his life and college football career.