Flacco, who was placed on injured reserve midway through last season because of a herniated disk in his neck, becomes an unrestricted free agent.
The Broncos acquired the former Baltimore Ravens quarterback in exchange for a fourth-round pick in the 2019 NFL Draft last off-season. He posted a 2-6 record as the Broncos' starting signal-caller in 2019, throwing for 1,822 yards with six touchdowns and five interceptions.
Flacco, 35, had two years left on his contract. According to Spotrac, he had cap charges of $23.65 million this season and $27.65 million in 2021. With the release of Flacco, Denver will save about $10 million in cap space.
The Broncos were expected to release Flacco after the team reached an agreement with quarterback Jeff Driskel earlier this week. Driskel is projected to serve as the backup to Drew Lock this season.
Flacco has completed 61.9 percent of his passes for 40,067 yards, 218 touchdowns and 141 interceptions across 12 seasons with the Ravens and Broncos.