Tim Tebow: Latest Updates on Impending Deal to the New York Jets

The Tim Tebow trade saga is finally at a close. After several attempts to trade for the Broncos quarterback, the Jets finally sealed the deal courtesy of a new contract for the young signal caller. 

Update: Friday, March 23 at 5:26 p.m. ET

According to Mike Klis of the Denver Post, Tim Tebow signed his new contract with the Jets. The Broncos need to be paid back $2.53 million to reflect salary advances.

Update: 10:10 a.m. ET

Jane McManus of ESPN New York is reporting the Jets have officially scheduled a press conference to introduce Tebow on Monday.

We’ll update you with the time and any more information when it becomes available.

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The AP’s source is reporting that the QB must sign a rewritten contract because of a technicality before he can officially become a member of the Jets. Because of this hang-up, Tebow will still be on the Broncos payroll for 24 hours from the time he signs the new agreement.

The former Florida Gators star was first spotted in Florham Park, N.J.—site of the Jets’ facilities—on Thursday. He even participated in a conference call with the team and local media, but Tebow will not be formally announced as a member of the franchise until Monday, when there will be an introductory news conference.

At least this little bump in the road will give Tebow time to find a nice place in New Jersey, since his new franchise does not want him relocating to New York City, according to a FOX Sports report:

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"The team will encourage Tebow to live in New Jersey near the practice facility," the source said. "They are not going to want him to be influenced and distracted in the city."

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People of faith and family have been corrupted by the seedy NYC nightlife before:

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"New York is a tough place for someone with a holy background, and I can see it corrupting him," said Maria Katz, a hostess at Sapphire's Gentleman's Club on the Upper East Side.

"We love breaking the good boy. We hear it all the time, 'I don't want a lap dance, I've got a wife,' and then they're walking out at 6:00am."

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It would be extremely shocking if Tebow spends any time at Sapphire’s or one of the thousands of nightclubs near his new home.

What else was surprising was how quickly the Broncos were able to flip Tebow after acquiring Peyton Manning, but it is even wilder how many issues they have managed to run into since first agreeing to move him to New York.

The trade nearly died when, according to NFL reporter Jeff Darlington, the Jets simply “forgot” to read the fine print of the contract and realized they owed Denver $5 million on top of the fourth- and sixth-round picks they were surrendering.

A compromise was worked out where New York would pay half of that price and Denver would eat the rest, and everyone thought the trade was done with until today.

Keep it tuned here up until 4 p.m. tomorrow for the latest updates and information on the Tim Tebow trade.