Update: Broncos DE Elvis Dumervil officially released

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Broncos end Elvis Dumervil has officially been released. (Doug Pensinger/Getty Images)

Broncos end Elvis Dumervil could be released today. (Doug Pensinger/Getty Images)

Broncos DE Elvis Dumervil had agreed to take a pay cut to remain with the Denver Broncos. However, Mike Klis has more recently reported that Dumervil's contract was not filed with the NFL in time. Dumervil has officially been released.

Denver Broncos president John Elway said earlier this week that defensive end Elvis Dumervil's contract is "out of whack" and wanted him to take a pay cut.

That "out of whack" contract was supposedly taken care of. Dumervil agreed on Friday to take a pay cut to stay with the team next season, according to NFL.com.

Dumervil was scheduled to make $12 million and now will take in $8 million next season. The deal also includes a $3.5 million guarantee on the second day of league year in 2014.

"He's a Bronco, bro. We gotta file the paperwork," Dumeril's agent Marty Magid told the Denver Post.

"It's not all about dollars. But when it's way out of whack? Then it's so out of whack that you've got to say: That [salary] can't be it," Elway said Thursday, according to the Denver Post. "Especially when you look at the market and what's out there now. It's so far out of whack. Hopefully, he realizes that."

But because Denver didn't file Dumervil's contract in time, the defensive end has been released.