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Denver Broncos Release RB Willis McGahee

Scott Cunningham/Getty Images(ENGLEWOOD, Colo.) -- The Denver Broncos released veteran running back Willis McGahee on Thursday, leaving rookie Montee Ball and Ronnie Hillman atop the depth chart. The move will cost the Broncos $1 million against the salary cap.

In two seasons in the Mile High City, the 31-year-old McGahee rushed for 1,930 yards along with eight touchdowns in 416 carries. He missed the final two months of the 2012 season due to a right knee injury.

“It’s never easy to part ways with a veteran player who made so many positive contributions to our team and community,” Broncos executive vice president of football operations John Elway said in a statement. “I appreciate all of the competitiveness, toughness and leadership Willis brought to the Broncos. He was an integral part of our team’s turnaround during the past two seasons, and I wish him the best as he continues his NFL career.”

McGahee was originally drafted by the Bills out of the University of Miami with the 23rd overall pick in the 2003 NFL Draft. He played with Buffalo for three seasons before joining the Baltimore Ravens in 2007.

Copyright 2013 ABC News Radio

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