Reynolds signed a two-year, $9 million deal this spring that came with a $2 million signing bonus and $4.25 million in total guarantees. Waiving him will clear $4.5 million in space on the Broncos’ 2025 salary cap and leave a $1 million dead cap charge for 2025.

Reynolds was placed on IR after he underwent finger surgery last month. Reynolds was later shot twice after leaving a nightclub in the Denver area on Oct. 18. Reynolds has since recovered from his wounds and three people have been arrested in connection to the shooting.

After being waived by the Denver Broncos on Tuesday, it didn't take long for wide receiver Josh Reynolds to find a new home. The 29-year-old wide receiver was claimed off waivers by the Jacksonville Jaguars.