Taylor was ejected from Saturday night's game against the Browns after making contact with Cleveland's Breshard Perriman after a play, Nick Shook of NFL.com reports.
Taylor becomes the third Bronco cornerback to leave the game. Brendan Langley left earlier with a concussion, then Bradley Roby left with a facial laceration.
Taylor appeared in 10 games with Arizona this season, accumulating 17 tackles (15 solo) and one pass defended. With Chris Harris (leg) out for Week 14, it's possible that Taylor could see work as early as Sunday against the 49ers.
Taylor was released by the Cardinals on Monday, Mike Garafolo of NFL Network reports.
Taylor played a rotational role in Arizona's secondary through 10 games this season, but ultimately was unable to earn a stable position with the team. The Cardinals acquired Taylor in a trade with the Browns this offseason, and have now opted to part ways following his poor showing during a Week 11 loss to the Raiders. The 28-year-old will search for a depth role elsewhere in the league if he goes unclaimed on waivers.
Taylor (back) is active for Thursday's game against the Broncos.
Taylor appears to have fully recovered from a lingering back injury, and will suit up against the Broncos. The starting cornerback will attempt to contain the Case Keenum-led passing attack.
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