The Broncos waived Reynolds (hand) on Tuesday, Aric DiLalla of the team's official site reports.
Reynolds hadn't played since Week 5 due to a fractured finger that required surgery, but he was a full participant in every practice since being designated for return from injured reserve Nov. 13. Though he's seemingly healthy again, Reynolds' 21-day evaluation window came to a close this week, and Denver didn't have an opening for him on the 53-man roster. The Broncos are seemingly comfortable with the strides that young receivers Devaughn Vele, Troy Franklin and Marvin Mims have made in recent weeks behind No. 1 option Courtland Sutton and were content to move on with Reynolds, who should be able to catch on elsewhere. Reynolds is in the first season of a two-year, $9 million contract, so he may clear waivers first before a team brings him aboard at a more palatable salary. The 29-year-old turned in a 12-183-1 receiving line on 19 targets over his five appearances with Denver before landing on IR.