After announcing earlier in the day that they had waived kicker Riley Patterson to make room for McManus, the Jaguars later announced that they had instead traded Patterson to the Detroit Lions for an undisclosed draft pick.
McManus, 31, made 77.8% of his field goal attempts last season (28 for 36), which was the first time since 2017 that he had made less than 80%. McManus has made 81.4% of his field goal attempts in his nine-year career.
The Broncos released McManus on Tuesday. He had been the last remaining player from the team's Super Bowl 50 championship squad.
Patterson, 23, who kicked a 36-yard field goal as time expired to help the Jaguars beat the Los Angeles Chargers 31-30 in an AFC wild card playoff game this past January, made 30 of his 35 field goal attempts last season.
Patterson played seven games for the Lions in 2021 and made 13-of-14 field goal attempts. His only miss came from over 50 yards.