Ray is dealing with a wrist injury, but the plan is still for him to be back by midseason.
Ray, 24, is a former first-round pick of the Broncos back in 2015. He’s currently in the third year of his four-year, $9.116 million contract and stands to make base salaries of $1,263,990 and $1,678,485 over the next two years. The contract also includes a fifth-year option for them to pick up next year.
In 2016, Ray appeared in all 16 games for the Broncos and recorded 48 tackles, eight sacks, a forced fumble, and two recoveries with one being returned for a touchdown. Pro Football Focus rated him as the No. 45 edge defender out of 110 qualifying players.
Osweiler, 26, is a former second-round pick of the Broncos in 2012. He played out his rookie contract with the Broncos before signing a four-year, $72 million contract with the Texans that included $37 million guaranteed back in March of last year.
The Texans traded Osweiler and a 2018 second-round pick to the Browns in return for a 2017 fourth-round pick.
Cleveland had been attempting to trade Osweiler since they acquired him several months ago but the ultimately cut him loose on Friday after no deal surfaced.
In 2016, Osweiler appeared in 15 games and threw for 2,957 yards while completing 59 percent of his passes to go along with 15 touchdowns and 16 interceptions. Pro Football Focus has him rated as the No. 32 quarterback out of 34 qualifying players.