The 35-year-old cornerback moved to the NFC South side after coming to the end of his contract with the Denver Broncos.
The defensive coordinator told The Advertiser: "He looks fantastic. You look out there and you think he's one of those young guys running around. But he's bringing excitement to our defense and knowledge and it's awesome to add a great player like him."
Bailey is currently the second-oldest player on the team's roster, behind 36-year-old kicker Shayne Graham.