According to ESPN's Adam Schefter, the trade isn't yet finalized.
Seattle has agreed to trade QB Tarvaris Jacksonto Buffalo for a draft pick, but Bills and Jackson still trying to finalize new contract.— Adam Schefter (@AdamSchefter) August 26, 2012
Buffalo is certainly interested in a smaller annual salary, while Jackson is likely looking for more years with some guaranteed money.
Terms of the trade aren't currently available. Jason La Canfora of CBSSports.com reported last week that Seattle would likely trade Jackson for a conditional fifth-round draft pick if Matt Flynn and Russell Wilson left Kansas City injury-free.
La Canfora thought the draft selection could be as high as a fourth-round selection based on performance.
If finalized, this trade should improve both teams.
Seattle's depth chart at quarterback became very thick with the free-agent addition of Matt Flynn and the emergence of rookie Russell Wilson. The draft team of Pete Carroll and John Schneider has been quite effective at finding great talent in the fifth round, including Pro Bowl strong safety Kam Chancellor and standout cornerback Richard Sherman.
This is the second trade Seattle has made for a player that didn't figure to be a part of their 2012 plans. They also sent Barrett Ruud to New Orleans.
Buffalo has a talented starting quarterback in Ryan Fitzpatrick, but his production dipped last season as he and his teammates struggled with injuries.
Despite a rocky performance against the Pittsburgh Steelers in preseason play over the weekend, head coach Chan Gailey is supportive of his starting quarterback.
“We ended up again in third-and-10 tonight,” Bills coach Chan Gailey said after Saturday's game (Mark Gaughan of BuffaloNews.com).
“You cannot do that. We missed about two blocks. To be honest with you, I thought Fitz read really well tonight. He knew what was happening. We are getting him hit too much. That stuff has got to stop.”
The play of their backup quarterback, Vince Young, has been troublesome. He has completed just 12-of- 26 passes with two interceptions. Gailey obviously had concerns with his ability to lead the team should Fitzpatrick be lost to injury.
Once it is complete, Vince Young would all but certainly be out of Buffalo.— Jason La Canfora (@JasonLaCanfora) August 26, 2012
Jackson could have a long-term impact in Buffalo. He won't likely challenge for starting duties in 2012, but with a year to learn the system he may be able to push Fitzpatrick in 2013.
Then again, the Bills will likely be looking for a new starter if Fitzpatrick doesn't progress this season.
UPDATE, August 27th:
Per La Canfora, the Bills will send either a sixth or seventh round pick to Seattle for Jackson.
Seattle get a 7th round pick for Tarvaris Jackson that moves up to a 6th if he is active for 6 games or more— Jason La Canfora (@JasonLaCanfora) August 27, 2012
Jackson seems to be a lock for the backup quarterback position. As long as he doesn't get injured, the Seahawks should pick up a sixth-round draft pick.
This is shy of La Canfora's original estimations of a fifth-round pick, but in line with B/R's estimations of Jackson's value.