The Denver Broncos are trading veteran pass rusher Randy Gregory to the San Francisco 49ers, according to multiple reports Friday.
As part of the transaction, the Broncos will also send San Francisco a 2024 seventh-round pick and receive a 2024 sixth-round pick in return, per NFL Network’s Tom Pelissero.
Gregory’s trade to San Francisco comes days after it was reported Denver was waiving him, but the team never formally released the 30-year-old.
Cutting Gregory was “Something we felt was just best for our team right now timing-wise,” head coach Sean Payton said Payton said via ESPN Wednesday.
“It hasn’t been finalized because, typically, before a transaction takes place, there may be some teams interested in a trade,” he added.
Gregory signed a five-year, $70 million contract with the Broncos last offseason. He received $14 million guaranteed last year and another $14 million guaranteed this year on his 2023 base salary, according to Spotrac.
The Broncos didn’t exactly see a high return on investment there, as he played 10 games and had three sacks over two seasons.
As the Broncos pay Gregory roughly $10 million for the rest of this season, he will reportedly get the veteran minimum of $840,000 from San Francisco through the end of the year, ESPN’s Adam Schefter reported.
This story will be updated.
