Broncos release Willis McGahee

The Broncos released running back Willis McGahee on Thursday. (Scott Cunningham/Getty Images)

The Denver Broncos announced Thursday that the team has released running back Willis McGahee, according to a tweet from ESPN's Adam Schefter.

The two-time Pro Bowler, whose 33 100-yard games are more than any active NFL running back, signed a 4-year, $9.5 million deal with the Broncos in July 2011, with $3 million of it guaranteed. McGahee, who turns 32 in October, is coming off a torn medial collateral ligament injury and compression fracture in his right knee that caused him to miss the final two months of last season and was set to make $2.5 million next season.

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In a report from Gregg Rosenthal of NFL.com, Broncos Executive Vice President of Football Operations John Elway said in a statement Thursday morning that the decision to cut McGahee was not easy but he wishes him the best:

"It's never easy to part ways with a veteran player who made so many positive contributions to our team and community. I appreciate all of the competitiveness, toughness and leadership Willis brought to the Broncos. He was an integral part of our teamâs turnaround during the past two seasons, and I wish him the best as he continues his NFL career."