Nearly four months after being waived by the Falcons, Elam signed a one-day contract with Denver and retired. The Broncos drafted him in the third round in 1993.
Elam, 40, was a member of the Broncos' two Super Bowl championship teams.
The three-time Pro Bowler finished his career ranked fifth in NFL history with 1,983 points scored and 436 field goals made. He is the all-time leader with 16 seasons of 100 or more points.
He also shares an NFL record with Tom Dempsey of New Orleans for the longest field goal (63 yards).