Light, a 6-foot-5, 265-pound product of Fordham University, had a tryout with the Broncos on Friday before signing. He also was invited to the Chiefs' rookie minicamp on a tryout basis in May.
Patton had been working on kickoff and punt returns, as well as at wide receiver. He was claimed off waivers from Tampa Bay in May.
Nicknamed "The Gronk of the Bronx," Light racked up nine touchdowns and 1,494 yards on 177 receptions during his four years at Fordham. During his junior season, he led all FCS tight ends with 66 receptions.
Light's draft prospects took a hit when he tore his anterior cruciate ligament last Nov.