He'll most likely play in the CFL or an Arena League, or he could flip to the media side of football. With that being said, it is possible that an NFL club may give him another shot in 2013.
If Tebow does stay in the NFL, here are his five potential landing spots.
The San Francisco 49ers have one of the league's most skilled rosters, and they added 11 players in their 2013 draft class, including athletic yet ridiculously inconsistent quarterback B.J. Daniels.
There's no doubting Jim Harbaugh's strong-willed presence as the team's head coach, and with Colin Kaepernick entrenched as the team's starting signal-caller, there would be no room for controversy to arise.
Kaepernick's running ability and rocket arm make him the quintessential read-option quarterback. Even so, in San Francisco's power running offense, Tebow could be utilized in short-yardage situations as a runner.
Remember, Harbaugh and offensive coordinator Greg Roman love using a variety of sets, both new-age and old-school.
However, the 49ers are probably content with their current collection of quarterback talent.
Odds: 5 percent
Cue every Tebow-returning-to-Florida narrative.
The Jaguars are a rebuilding club with a new, defensive-minded head coach who was extremely successful in Seattle with the Seahawks, and they could use something to create more of a buzz in Jacksonville.
Remember, the quarterback situation is far from settled.
In all likelihood, though, the Jaguars front office will stay away, as coming into work every day at the TebowLand carnival would get irritating. Fast.
Odds: 10 percent
The Carolina Panthers have their franchise quarterback in Cam Newton.
While Newton's running capabilities make him a legitimate dual-threat QB, there's a chance the team's coaching staff would like to see him take less hits as a runner, especially in short-yardage and goal-line situations.
If there's one thing Tebow can do in the NFL, it's take a shotgun snap and barrel his way for a few yards behind a lead blocker with his 236-pound body.
The short-and-stocky Mike Tolbert can do much of the same, but Tebow at least poses some threat to pass.
Tebow in a Panthers uni?
Odds: 15 percent
Matt Schaub may have reached his ceiling as a quarterback, and to some, that ceiling isn't quite good enough. With that being said, for the foreseeable future, he'll be the Houston Texans' starting quarterback.
The Texans run a traditional, power zone-blocking, power running offense, so Tebow could find a niche as a situational quarterback/H-back hybrid.
With the collection of veteran leaders on the team, presumably, the Tebow media avalanche could be tempered in Houston.
Chance: 20 percent
New England is the best and most likely landing spot for Tebow.
Here's why: Zero chance of a quarterback controversy. Bill Belichick runs the most tight-lipped franchise in the NFL—as a result, he and his players typically give the most boring, politically correct interviews—and the Patriots slowly evolved into a run-heavy team in 2012.
From a football sense, it doesn't get any more demented than taking Tom Brady off the field for Tebow, but there would be instances in which New England could use Tebow's power-running prowess.
Odds: 50 percent