Adam Schefter wasn't exaggerating when he claimed Paxton Lynch held zero trade value around the NFL.

Per Mike Klis of 9News, the Denver Broncos attempted to ship away the third-year quarterback before releasing him outright on Sunday. Klis named the Carolina Panthers and Dallas Cowboys -- both in need of backups -- as potential destinations, but "neither team was interested, at least not for trade."

This speaks volumes considering the Cowboys were enamored with Lynch in the run-up to the 2016 NFL draft. Big D intended to swing a deal for him near the tail end of the first round before Denver swooped in to select the former Memphis signal-caller at No. 26 overall. The Cowboys "settled" for Dak Prescott, whom they landed at pick No. 135.

“Frankly, give Denver credit,” Cowboys owner Jerry Jones said at the time. “I thought we had it done. It was that close.”

Perhaps Jones will re-explore the union now that Lynch has hit the open market; he's free to sign anywhere if (when) he clears waivers. Behind Prescott on the Cowboys' depth chart is 2017 undrafted free agent Cooper Rush and fifth-round rookie Mike White, neither of whom inspired confidence this preseason.

The Panthers are facing an even worse predicament, with 2015 UDFA Taylor Heinicke serving as the lone clipboard holder for Cam Newton.

Once hailed as the future of the Broncos' franchise, Lynch never came close to earning such a distinction. He twice lost the starting job to former seventh-round pick Trevor Siemian, and this year was beaten out by Mr. Irrelevant, Kelly, for the backup gig. He's a prime example of needing more than a strong arm and tall frame to succeed at the professional level.

Lynch finishes his career in orange and blue having made five appearances and thrown for 792 yards, four touchdowns and four interceptions on 79-of-128 passing. His last start -- arguably his best start, to this point -- came in the 2017 season finale, when he went 21-of-31 for 254 yards, two TDs and two picks.

“Vance and I met with Paxton this morning and informed him that it’s best for everyone to make this move," general manager John Elway said in a brief statement on Sunday. "We appreciate all of Paxton’s hard work as a Bronco, and we wish him well in the future.”

The Broncos will absorb $3.184 million in dead money this year, and $1.272 million in 2019, by releasing Lynch. They'll save $1.872 million against the salary cap.

Kevin Hogan, plucked off waivers from the Washington Redskins, takes Lynch's spot on Denver's regular season roster as the No. 3 QB after Case Keenum and Chad Kelly.

Other teams that could show interest in Lynch -- and this is merely speculation on my part -- include the Buffalo Bills, Los Angeles Rams, Detroit Lions, and New York Giants.