The Broncos have been the most active team throughout free agency, adding 12 seasoned veterans or career backups since the signing period began a week ago.
The Broncos recently said Cutler is not on the trading block after his name was brought up in discussions for Matt Cassel, upsetting Denver's Pro Bowl quarterback.
New coach Josh McDaniels and Cutler have a meeting scheduled for next week to try to patch up their strained relationship.
The 28-year-old Simms was signed by Tennessee last season, sitting on the Titans' roster as the No. 3 quarterback behind Kerry Collins and Vince Young. He was signed by the Titans as an insurance policy after Young sprained his left knee in the opener.
Simms got into one game for Tennessee on Dec. 28 at Indianapolis, completing 1-of-2 passes for 7 yards. It was his first action since having his spleen removed after taking a series of hits in a loss to Carolina on Sept. 24, 2006, as the quarterback of the Tampa Bay Buccaneers.
Simms was a third-round pick by Tampa Bay in 2003.
The Bucs rode the strong left arm of Simms into the playoffs in 2005 as he threw for 2,035 yards, 10 touchdowns and seven interceptions in 11 games.
In 2006, Simms started the first three games before injuring his spleen in the Carolina game. He had a splenectomy hours after finishing the game.
Chris Simms had a successful career at Texas, becoming the first Longhorns quarterback to lead the team to consecutive 10-win seasons. His 26 career wins as the starting quarterback ranks him second in Longhorns history.