The Denver Broncos have traded edge-rusher Randy Gregory and a 2024 seventh-round draft pick to the San Francisco 49ers for a 2024 sixth-round selection, per Tom Pelissero of NFL Network.

News emerged earlier this week that the Broncos planned to release Gregory, but that never formally occurred, per Pelissero.

The 30-year-old Gregory signed a five-year, $70 million contract with Denver in March 2022. Per ESPN's Adam Schefter, Gregory received over $27 million from that deal, which included two years of full guarantees.

Schefter provided more information on the contract situation, noting the Broncos will pay Gregory "roughly" $10 million for the remainder of the season, while the 49ers will pay him the veteran minimum.

Gregory only played in 10 games for the Broncos. A knee injury suffered during a Week 4 matchup in 2022 against the Las Vegas Raiders forced him off the field for more than half of the campaign. He finished the year with two sacks, 12 tackles and two forced fumbles.

In 2023, Gregory had nine tackles (four solo), a sack and a pass breakup in four games for Denver, which started the year 1-3 and allowed an NFL-high 150 points thus far.

Ultimately, the Broncos decided to go in a different direction and give more time to younger players, as head coach Sean Payton noted.

"Something we felt was just best for our team right now timingwise,'' Payton told reporters Wednesday. "It hasn't been finalized because, typically, before a transaction takes place, there may be some teams interested in a trade, but if any if that came to fruition ...

"We just felt some of our younger players and where we're going, it was best for our team."

It also may be best for Gregory, who now joins a 4-0 49ers team with a ferocious defense. San Francisco looks primed for another deep playoff run, and Gregory can help the team get there by providing quality depth at edge-rusher.

Gregory's first chance at seeing the field would be Sunday evening against his old team, the Dallas Cowboys, who drafted the ex-Nebraska star in 2015. If the turnaround between signing and playing is too soon, then Gregory's next shot at seeing the field would be Sunday, Oct. 15 at the Cleveland Browns.