7-31 UPDATE: McGahee has been officially signed to a four-year contract worth about $9.5 million

In an effort to shore up their running attack, the Denver Broncos have signed Willis McGahee. The two sides have agreed to a three-year contract worth $7.5 million with $3 million guaranteed. McGahee, who was released by the Ravens this week after four seasons in Baltimore, hasn't carried the ball more than 170 times in a season since 2007, but he has been a pretty successful goal-line back. He scored 12 rushing touchdowns in 2009. He'll turn 30 in October.

Fantasy Analysis:

This is good news for Knowshon Moreno . The Broncos missed out on DeAngelo Williams and have not been really involved in rumors about Ronnie Brown or Ahmad Bradshaw. So, after all of the speculation that Moreno would be relegated to third-down duty, it looks like he will get the majority of the carries in Denver for another year. He will lose most of the goal-line carries to McGahee, but unless the Broncos unexpectedly add another notable RB to this backfield, Moreno should touch the ball about 300 times this year. He's an RB2 in 12-team leagues. McGahee, because of the TD potential, could be a fine bye-week or injury-replacement option.