NFL Star Jay Cutler UNLOADS Colorado Mansion

Jay Cutler has cut even more ties in Colorado -- the former Denver Broncos quarterback finally sold off the mansion he lived before he was traded to Chicago ... TMZ has learned.

According to official documents, Cutler purchased the home in Parker, CO in 2005 for $1.34 million. Cutler put his home up for sale in 2010 for $1.625 ... but nobody took the bait.

Cutler eventually lowered his asking price ... and the 5,344 square foot estate finally sold on July 19 for a cool $1,000,000.

Don't feel too bad for ol' Jay -- he's slated to rake in $15 million this season ... and of course, he doesn't have a wedding to pay for anymore.

Kristin Cavallari and Jay Cutler Engaged

Chicago Bears quarterback Jay Cutler finally came through in the clutch -- for once -- and popped the question to his MTV starlet GF Kristin Cavallari this weekend ... and apparently, she said yes.

According to People.com, 27-year-old Cutler proposed to the 24-year-old actress (?) during their weekend getaway to Cabo San Lucas.

The two have been dating since last fall.

Terrell Owens and Jay Cutler The Stare Down

Now we're not implying anything, but judging by the look on Jay Cutler's face -- do you think the Chicago Bears quarterback even remembers running into Terrell Owens this weekend?

The two partied it up at Underground nightclub in Chicago on Saturday night -- where the unemployed NFL superstar tried to make an impression on Cutler and his teammate Greg Olsen (not pictured).

T.O. twittered that the Chicago stars were "cool guys" -- so far, no word if the feeling is mutual.