Willis McGahee became the first of the Ravens' "Released Four" to sign elsewhere, agreeing to a three-year deal worth $7.5 million, including $3 million guaranteed.
The Ravens released McGahee on Thursday, along with wide receiver Derrick Mason, tight end Todd Heap and nose tackle Kelly Gregg. McGahee was scheduled to make $6 million if he had remained with the team.
In Denver, McGahee is expected to compete with Knowshon Moreno as the featured tailback. Moreno gained 779 yards and five touchdowns on 182 carries last season. The Broncos' No. 2 rusher was reserve quarterback Tim Tebow.