Elway confirmed his departure to 9News in Denver, saying the new ownership of the team puts the Broncos "in good hands." His contract as a consultant expired on the first day of the NFL league year, March 15.
Elway, 62, said the decision was made after a meeting with new co-owner Greg Penner, who called Elway the "ultimate Bronco."
From 2011-21, Elway ran the Broncos' front office as general manager and executive vice president of football operations. The Broncos hired George Paton as general manager in 2021 and Elway transitioned to a consultant role.
"I've enjoyed the relationship with the Broncos for a long, long time," Elway told 9News.