Jones spent the 2010 campaign in Denver and started three of the 16 games he played, finishing with 57 tackles.
The Rutgers product also played two years for Miami after spending his first four NFL seasons in Dallas. He has three career interceptions, six sacks and 212 tackles.
Denver also waived running back C.J. Gable, defensive lineman David Veikune, offensive linemen Shawn Murphy and Curt Porter, and linebackers Braxton Kelley and Deron Mayo.