Anderson was reportedly close to being traded to the Miami Dolphins, but the deal fell apart.
Devontae Booker is expected to become the starter for the Broncos unless the team drafts a running back early in the 2018 NFL Draft on April 26.
When Anderson learned of the trade chatter, he said he would use it as motivation.
"Just focus on me," Anderson said in an interview with KUSA-TV. "Use it as motivation. But I'm going to focus on myself. I still have a job. Try to help my team win games. But at the end of the day, getting shopped around or rumors I was getting traded, I'm going to use it as motivation to show the organization I can still play at a high level."
Anderson spent five seasons with the Broncos, rushing for 3,051 yards and 20 touchdowns. Releasing him saves $4.5 million against the 2018 salary cap.
"Over the last five years, C.J. developed from an undrafted player into an important member of our team," Broncos general manager John Elway said. "We appreciate all he did as a Bronco, especially during our Super Bowl season, and thank him for his many contributions on and off the field."
Miami still makes sense as a landing spot for Anderson, but the Dolphins also signed 33-year-old Frank Gore in free agency.
Anderson's four-year contract was the result of an offer sheet from the Dolphins during restricted free agency in 2016. Denver chose to match the $18 million offer and retained Anderson.
While he rushed for 1,007 yards and had more than 1,200 yards from scrimmage last season, Anderson was openly angry when running backs coach Eric Studesville was fired by Vance Joseph. On the day the move was announced, Anderson posted a tweet in all caps, censored here for the sake of decency: "THAT'S BULL----."
--Field Level Media