Story update: The Jacksonville Jaguars claimed Josh Reynolds off waivers on Wednesday. See our original post below.
The Denver Broncos waived veteran wide receiver Josh Reynolds on Tuesday, a move that will allow him to play elsewhere down the road.
The deadline for activating Reynolds (finger) from injured reserve was Wednesday and if the Broncos had not signed him to the 53-man roster or cut him, he would have spent the remainder of the 2024 season on IR.
It was a surprising move Denver is parting ways with receiver, but coach Sean Payton is clearly happy with Courtland Sutton, Devaughn Vele, Marvin Mims, Lil'Jordan Humphrey and Troy Franklin at receiver. Reynolds will now have a chance to find his footing elsewhere rather than being shelved.
The move will also save the Broncos salary cap space in 2025.
When Reynolds signed this spring, he received a $2 million signing bonus, prorated over two years as a $1 million cap hit. So he will hit a dead money salary cap hit of $1 million in 2025, but his base salary is $3,990,000 and his roster bonus is $510,000 won't count against the team's books.
This will result in a net savings of $4.5 million in additional salary cap space for Denver next spring, according to the statement OverTheCap.com. Considering Reynolds turns 30 in February, it was likely an easy decision for the Broncos.
Sutton remains the team's WR1 and rookies Vele and Franklin have shown promise this season, while Mims has seen his role upgraded in year two. Expect the team to add reinforcements in 2025 as the youth movement continues.
