Vannett, 28, is a former third-round pick in the 2016 NFL Draft by the Seahawks out of Ohio State. He was in the final year of his four-year, $3,056,880 rookie contract when Seattle traded him to the Steelers a few years ago.
Vannett finished out his contract before agreeing to a two-year, $5.7 million contract with the Broncos last year.
According to OverTheCap.com, releasing Vannett will free up $2,678,125 of available cap space while creating $875,000 in dead money.
In 2020, Vannett appeared in 15 games for the Broncos and caught 14 passes for 95 yards receiving and a touchdown.