The release comes with an injury settlement for Spencer, who was placed on IR last week. Spencer spent 2022 on the Jets’ practice squad before signing a futures deal this offseason. The special teams veteran is free to sign with teams when healthy.

Spencer returned a punt for a touchdown in 2020, but that's been an outlier in his three seasons as Denver's main returner. Turning 30 in six days, the ex-CFL star will search for return work elsewhere. 

Spencer was tendered as an exclusive rights free agent and just got around to signing his one-year offer. He's played 27 games for the Broncos over the last two seasons, averaging 23.9 yards per kickoff return and 11 yards per punt return in that span.

Spencer recorded six catches in the regular season but contributed primarily with 149 special teams snaps (and one fumble recovery). He turns 28 in March.