The Broncos waived Watson from the active roster Thursday, Aric DiLalla of the team's official site reports.
Watson signed with the Broncos as an undrafted free agent in late April. He was able to make the final 53-man roster at the end of training camp, but his lone appearance of the regular season came in Week 5 against the Raiders, when he played just one snap each on offense and special teams. Should he clear waivers, Watson will look to sign with a team in need of backfield depth.