Since their championship in 2015, and the subsequent retirement of Peyton Manning, the Broncos have been in the midst of a steady decline, punctuated by many poor front office decisions made by Elway.
"Even though Chad's no longer part of our team, we've offered to help him however we can and are supportive of him in every possible way", Elway added.
Cops say Kelly broke into a home around 1:17 AM and sat down on the couch next to a woman who was holding her baby. A court date has been set for November 8.
The man told police the doors to the residence were locked, but there were no signs of forced entry, according to the affidavit. Responding officers then searched the area, police said.
After Kelly left, police were called and officers found Kelly inside a black SUV in front of the Gothic Theatre on South Broadway not far from the residence.
Kelly, who earned the nickname "Swag" in college and burnished it with terrific performances in the preseason last summer, ended up playing just one snap for the Broncos, a kneel-down just before halftime against the Rams on October 14 while Keenum was being evaluated for a concussion.
Police and court records do not address Kelly's physical state at the time, and there is no mention of testing for alcohol or substance use.
After gathering additional information about what transpired early Tuesday morning, Elway informed Kelly of his release before his hearing at the Arapahoe County Courthouse on Wednesday morning.
While at Ole Miss in 2016, Kelly ran onto the field of a local high school football game between Bishop Timon and St. Joes.
"He has had a pattern of behavior that is not consistent with the values of our program", Clemson coach Dabo Swinney said when Kelly was dismissed from the team.