UPDATE: As the Broncos prepared to waive Hamilton, they did receive additional trade interest. The waiver did not happen today and the team has not officially made a move.
Updating here: The #Broncos got calls on WR DaeSean Hamilton later this afternoon, sources say. So he hasn’t been officially waived yet and don’t close the door on a trade. Stay tuned.— Mike Garafolo (@MikeGarafolo) May 13, 2021
The Denver Broncos have decided to waive former fourth-round pick DaeSean Hamilton on Thursday. According to Mike Garafolo, the team attempted to trade the wide receiver, but could not finalize any type of trade deal.
The #Broncos are waiving WR DaeSean Hamilton, source says. With depth at the receiver spot, the team had trade talks involving the former fourth-rounder recently but couldn’t finalize a deal. Strong possibility to be claimed.— Mike Garafolo (@MikeGarafolo) May 13, 2021
Hamilton, 26, was drafted in the fourth-round of the 2018 NFL Draft and has appeared in 46 games for the Broncos through three seasons. He has consistently been a role player who has seen consistent playing time in each season piling up 81 catches for 833 yards and five touchdowns.
However, the Broncos wide receiver room is ridiculously stacked with talent ahead of Hamilton on the depth chart with Courtland Sutton, Jerry Jeudy, and KJ Hamler all ahead of him. There is also Diontae Spencer and Tyrie Cleveland competing for playing time as well. Frankly, waiving Hamilton now gives him the best shot to catch on elsewhere and he has proven he is good enough to make an NFL roster. I would expect him to get claimed or, at the very least, signed ahead of training camps.
The Broncos will save $2.1 million in cap space with this move while incurring just $170k in dead money. According to OverTheCap, the Broncos have the second-most salary cap in the NFL and that number is expect to grow by another two million.