The Broncos waived Williams on Monday, Ryan O'Halloran of The Denver Post reports.
Williams impressed over three years at Auburn, recording 132 receptions for 2,124 yards and 17 touchdowns across 33 games. The 21-year-old has an NFL frame (6-foot-2, 211 pounds) and solid speed (4.49 40-yard dash), but he couldn't find a role in Denver's deep receiver corps. With two weeks until the regular season, it wouldn't be surprising to see another team take a chance on him on waivers.