Rackers came in to camp with the opportunity to compete with Graham Gano for the starting job, but wasn't able to do enough to impress head coach Mike Shanahan.
Whether or not Rackers will get another chance remains unclear. The 36-year-old played the bulk of his solid career for the Arizona Cardinals after breaking in with the Cincinnati Bengals back in 2000.
He's spent the last two seasons with the Houston Texans, where he showed consistency and a strong leg. In those campaigns, Rackers hit an impressive nine field goals of 50 or more yards.
This move comes just one day after the Baltimore Ravens released ex-Pro Bowl kicker Billy Cundiff. Teams now have good options to mull over if they need a solid placekicker now or due to injury in the future.