UPDATE: ESPN is reporting that the New York Jets and the Denver Broncos has been agreed upon.
The teams agreed on a deal earlier in the day, but trade talks broke down due to complications over the amount of salary and signing bonus money that has already been paid to Tebow. The Jacksonville Jaguars were also interested in obtaining Tebow and were close to making a deal happen before the Jets managed to finalize a trade, according to ESPN.
UPDATE: Several news outlets are reporting that deal to send quarterback Tim Tebow from the Denver Broncos to the New York Jets has been held up due to salary complications.
The two teams are still trying to figure out who will pay more than $5 million in salary that is stilled owed to Tebow. Check back for more information as it becomes available.
Tim Tebow made headlines with his faith and his football last season, leading the Denver Broncos on a surprising playoff run.
Tebow became the Broncos' starter six games into last season, helping Denver win the AFC West Championship despite completing only 46.5 percent of his passes. Tebow pulled off a series of dramatic comebacks and turned in the game of his career to lead the Broncos to a victory over the Pittsburgh Steelers in the playoffs. Among those dramatic endings was Tebow's 20-yard touchdown run with 58 seconds remaining to give the Broncos a 17-13 victory over the Jets.
Tebow became expendable when the Broncos signed Peyton Manning to a five-year, $96 million contract. Jay Glazer of FoxSports reported Wednesday that Tebow has been traded to the New York Jets for a fourth and sixth round draft choice.
Now Tebow, whose NFL jerseys were among the top sellers before he even became a starter, moves to the nation's largest media market for a potential battle with Mark Sanchez to be the Jets quarterback.
There is no word yet on what his role will be with the team. Tebow grabs attention with his frank discussion of his strong religious faith as much as his play on the field, so both could generate plenty of converation. He even brought the term "Tebowing" into the national vocabulary, a reference to his kneeling in prayer after scoring a touchdown.
We want to know what you think of the move.