Sharp was waived by the Broncos on Saturday, Nicki Jhabvala of The Denver Post reports.
Sharp provided depth as a receiver and returner for the Broncos, but with Cody Latimer (knee) and Isaiah McKenzie (ankle) now healthy, he became expendable. The 23-year-old was replaced on the 53-man roster by linebacker Kevin Snyder, and is a practice squad candidate if he clears waivers.