Mike Klis reports that the Broncos have also signed seventh-round QB Chad Kelly to a four-year contract on Wednesday.
- Nicki Jhabvala adds that the Broncos have placed C James Ferentz on waivers.
According to OverTheCap.com, Kelly will receive a four-year contract worth $2,464,284, which includes a signing bonus of $64,284.
Kelly, 23, originally began his career at Clemson before later transferring to Ole Miss for the 2015 season. He had some off-the-field issues to go along with a serious knee injury.
The Broncos selected him with the final pick of the draft (No. 253).
During his college career at Ole Miss, Kelly threw for 6,858 yards while completing 63.8 percent of his passes to go along with 50 touchdowns and 22 interceptions over the course of 27 games.