As reported by Schefter on Twitter, Tebow can choose between the New York Jets and the Jacksonville Jaguars:
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
Schefter would go on to note that the Broncos are saying they will do whatever is best for the franchise:
Denver says it will do the trade that is best for its franchise. Jets or Jags.— Adam Schefter (@AdamSchefter) March 22, 2012
The Broncos and Jets agreed to a trade to send Tebow to New York earlier on Wednesday, but the deal hit a snag when the Jets discovered they would have to pay the Broncos more than $5 million due to language in Tebow's contract.
Tebow grew up in Jacksonville and, of course, played his college ball at the University of Florida.
Update: Wednesday, March 21 at 9:00 p.m. ET
Disregard all of the above. Per Schefter, the Broncos and Jets have completed a trade to send Tebow to New York:
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 after all of Wednesday's twists and turns, it's all over. Tebow is headed to the Big Apple.