Denver Broncos Waive Kyle Orton

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The Denver Broncos have waived QB Kyle Orton, ESPN’s Adam Schefter reports.

The decision is financially driven, per the report. The Broncos have no plans to use Orton the rest of the 2011 season with Tim Tebow now starting, and they owe Orton $2.5 million over the remainder of his contract. With injuries to Matt Cassel of the Chiefs, Matt Schaub of the Texans, and Jay Cutler of the Bears, the Broncos are hoping a team will place a waiver claim for Orton, letting them off the hook for the remainder of his contract.

Kansas City and Chicago both loom on the Broncos remaining schedule; if either claims Orton, the Broncos won’t be saying goodbye to their former starter for long.