NEW YORK, N.Y. – Denver Broncos quarterback Tim Tebow was traded to the New York Jets Wednesday for a fourth-round and a sixth-round draft pick in the upcoming NFL draft, according to reports by ESPN.
The deal was confirmed late Wednesday night after it was thought to be in jeopardy. Tebow has about $5 million worth of "recapture language" in his contract, which would have require the Jets to pay back some money to Denver. The Jets have agreed to pay 2.5 million to complete the deal it was learned from NFL sources.
Tebow, who led the Broncos to the NFL playoffs this past season after being inserted at quarterback in his second season, lost his starting job when the Broncos signed former Indianapolis Colts quarterback Peyton Manning to a multi-year contract Tuesday.
The Jets recently extended the contract of their starting quarterback Mark Sanchez, who has led the team to back-to-back AFC championship games in 2010 and 2011. Tebow is considered an unorthodox quarterback who is more of a runner than a passer. He led the University of Florida to two national championships before being drafted by the Broncos in 2010.
The Jets will also reportedly receive a seventh round draft pick.