The Broncos waived Ozigbo on Monday, Aric DiLalla of the team's official site reports.
Ozigbo has spent time on and off Denver's practice squad this season, and he was added to the team's active roster Saturday. The 26-year-old then caught his lone target while playing four offensive snaps in Sunday's loss to the Panthers as the No. 3 running back behind Latavius Murray and Marlon Mack. Ozigbo was also elevated from the Broncos' practice squad for two games earlier this season, and he'll likely re-join this unit if he's unable to secure a spot with an active roster elsewhere.