The Broncos waived Callaway on Tuesday, Parker Gabriel of The Denver Post reports.
Callaway signed with Denver in March after three seasons with the Saints and was competing for a depth role at wide receiver throughout training camp. He caught just one of four targets for seven yards during exhibition play and was unable to land a spot on the 53-man roster. Callaway could still end up with the Broncos as a member of their practice squad.
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