The Denver Broncos finally traded quarterback Tim Tebow to the New York Jets, a league source told NFL Network's Michael Lombardi on Wednesday night, eight hours after the teams initially agreed to the deal, then hit a snag over money.
A league source told Lombardi that Tebow was given the option of joining either the Jets or his hometownJacksonville Jaguars, who had jumped back into discussions, but the quarterback decided New York was the best choice. However, Tebow denied in his conference call with New York media that he was allowed to pick his destination.
The Broncos later confirmed the trade and said they received the Jets' fourth-round and sixth-round picks in the 2012 NFL Draft. The Broncos also gave the Jets their seventh-round selection this year.
Also, $2.53 million of $5 million in guarantees in Tebow's contract goes back to Denver from New York over the next two years, a league source told NFL Network insider Jason La Canfora.
"Tim Tebow deserves an enormous amount of credit for what he accomplished and how he carried himself during his time with the Broncos," Broncos executive vice president of football operations John Elway said in a statement released by the team. "From taking over a 1-4 team and leading it to the playoffs to energizing our fans and this community, Tim left an extraordinary mark on this organization. His time in Denver will always hold a special place in Broncos history.
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