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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.

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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.

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