The Denver Broncos confirmed they have traded quarterback Tim Tebow to the New York Jets.
The Broncos thought they traded quarterback Tim Tebow to New York on Wednesday morning.
By Wednesday afternoon, reports were emerging that Tebow might go to the Jacksonville Jaguars.
By Wednesday evening, ESPN's Adam Schefter reported that "Denver has agreed to trade Tim Tebow and a seventh-round pick to the Jets for the NY's fourth-round pick and a sixth-round pick."
Sources said the Jets agreed to pay half of the $5 million in compensation back to Denver that was in dispute in Tim Tebow trade.
Just after 7 p.m., the Denver Broncos tweeted that the trade had been made.
"I'm looking forward to my time as a Jet," Tebow said Wednesday night. "It'll be fun to be in the New York market."
"Tim Tebow deserves an enormous amount of credit for what he accomplished and how he carried himself during his time with the Broncos," John Elway said in a statement issued Wednesday night. "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."
7Sports anchor Lionel Bienvenu said under the deal, Jets quarterback Mark Sanchez will continue to be the starting quarterback for the Jets. Tebow will likely be used in special packages, Bienvenu said.
"This will fit his talents," Bienvenu said. "Rex Ryan, the head coach, is willing to put a Tebow package in there."
"Tebow-mania just got a New Jersey address," said a news release from the New York Jets.
Tebow had three years left on his contract with the Broncos.
Sanchez was asked about Tebow on "The Petros & Money Show" on FoxSports Radio in Southern California on Tuesday.
The hosts asked Sanchez, "What would it be like to play with a guy like Tim Tebow?"
Sanchez's response: "I think Peyton (Manning) will do great, I think Tim will do great no matter what happens. He's either going to get a great chance to learn from one of the best quarterbacks to ever play or he moves on somewhere else and he uses his skills at another ballclub. He definitely has talent. He knows how to win, he knows how to inspire players."
However, Sanchez also said, "I don't like coming off the field."
But not all Jets are welcoming Tebow with open arms.
Hall of Famer Joe Namath called the move "a publicity stunt" and questioned the team's decision-making process.
"We don't need Tebow," outspoken Jets cornerback Antonio Cromartie tweeted Tuesday. "We sell out every home game let him go to Jacksonville Tampa or Miami."
"Our Wildcat offense can be run by (Jeremy) Kerley or Joe McKnight," Cromartie tweeted. "We have @Mark_Sanchez and jus signed Drew (Stanton). Mark has taken us to 2 AFC championship game. We need to build on the team we have now."
The timing of the trade had some scratching their heads.
Just last week, the Jets signed former Detroit Lions backup Drew Stanton to be their No. 2 quarterback, handing him a $500,000 signing bonus, ESPN reported. They also have former Alabama star Greg McElroy.
So now the team is brimming with four QBs.
Talk about trading Tebow came after the Broncos started courting Peyton Manning.
At a news conference introducing Manning as the Broncos' new quarterback on Tuesday, John Elway said he talked to Tebow on Monday night.
"I got a great deal of respect for him (Tebow)," Elway said. "We just had to make a decision as an organization."
"I think an opportunity presented itself here and we had to take advantage of that," said Elway.
"Tim Tebow is a great kid," said Elway. "If I wanted someone to marry my daughter, it would be him."
"I have to take the personalities out of it and make the best decisions for the Denver Broncos," said Elway. "And without a doubt, this is the best decision for the Denver Broncos at this time."
The Broncos drafted Tebow in the first round the 25th overall pick -- two years ago. Tebow became the team's starting quarterback in the middle of the 2011-2012 season after the team faltered under quarterback Kyle Orton.
7SPORTS reported in 2010 that Tebows contract with the Broncos was for $11.25 million over 5 years. $8.7 million of that was guaranteed.
Tebow led the team to the AFC West title and a victory in the playoffs against the Pittsburgh Steelers. The next week, though, Tebow was smothered by the New England Patriots, who easily eliminated the Broncos 45-10.
Weeks later, Elway said Tebow was the team's starting quarterback going into training camp. However, that changed two months later when the Broncos hired Manning.