The Tim Tebow trade ordeal appears to have finally ended.
Update: Wednesday, March 21 at 8:55 p.m. ET
The deal is done. Here's the latest from Schefter:
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.— Adam Schefter (@AdamSchefter) March 22, 2012
So that's it. Tebow is going to be a New York Jet. He will back up Mark Sanchez. You are free to go about your business, and we need not talk about Tebow anymore.
Update: Wednesday, March 21 at 8:32 p.m. ET
The Broncos are reportedly allowing Tebow to pick his next destination. Well, as long as said destination is Jacksonville or New York. ESPN's Adam Schefter has the news.
Tim Tebow is being allowed to pick the team he wants to go to. He picks the trade. Jets or Jacksonville.— Adam Schefter (@AdamSchefter) March 22, 2012
Looks like Tim better start doing some serious Tebowing.
Schefter summarized the trade mess in a series of tweets, starting with this one:
Filed to ESPN (1): Denver and Jets have encountered hangup in language in Tim Tebow's contract that could nullify trade.— Adam Schefter (@AdamSchefter) March 21, 2012
The key problem is in the "recapture language" of Tebow's contract:
Tim Tebow has $5 million worth of recapture language, meaning Jets would have to pay back money to Denver. Jets might be unwilling. Complex.— Adam Schefter (@AdamSchefter) March 21, 2012
The same money issues in Tim Tebow's contract caused complications for Jacksonville trying to complete trade. Now Jets facing them.— Adam Schefter (@AdamSchefter) March 21, 2012
(2) If the Tebow trade to Jets falls apart, St. Louis could wind up getting back into play. Sides sorting through details.— Adam Schefter (@AdamSchefter) March 21, 2012
Schefter has since reported that the Jacksonville Jaguars are already making an effort to steal Tebow from the Jets:
More craziness filed to ESPN: Jaguars are back in the mix, seeing if they now can pull off a trade with Denver for Tim Tebow.— Adam Schefter (@AdamSchefter) March 21, 2012
The reality of this situation, according to Schefter, is this:
Jets-Broncos agreed to Tim Tebow trade before Denver asked NY to pay back portion of bonuses and salary already paid to Tebow. No deal yet.— Adam Schefter (@AdamSchefter) March 21, 2012
Mike Klis of The Denver Post has posted a rundown of exactly what is going on right now. He notes that Tebow's contract requires any team acquiring Tebow has to pay back exactly $5.06375 million in advanced salaries for the 2012, 2013 and 2014 seasons.
Broncos source says Jets agreed to Tebow trade -- and it's their fault for not thoroughly reading contract. They contend trade should stand.— Jeff Darlington (@JeffDarlington) March 21, 2012
There's still a chance that the Broncos and Jets will get things squared away, but until they do, this trade is very much in danger of not happening.
Of course, the Jets can make things easier on themselves by simply agreeing to pay the Broncos money, but it's not surprising that they're apparently not willing to do that. Why pay extra cash for a backup quarterback with a boatload of mechanical problems?