In a surprise move, the Denver Broncos have traded quarterback Tim Tebow to the New York Jets for two draft picks.
The Jets will send their fourth and sixth-round draft picks in 2012 to Denver in exchange for Tebow and their seventh-round draft pick.
The trade was first reported by Fox Sports.
However, ESPN's Adam Schefter is reporting that the Broncos and Jets have encountered a hangup in the language of Tim Tebow's contract, which could ultimately nix the deal. Per Schefter, Tebow has $5 million worth of recapture language, meaning ultimately the Jets would have to pay back that money to Denver.
According to Schefter, if the Jets are unwillingly to pay that money, the deal could fall through, at which time the St. Louis Rams could jump back into the conversation.
The move is somewhat surprising, given the fact that the Jets handed starting quarterback Mark Sanchez a $40.5 million contract extension earlier this month, with $20.5 million guaranteed. Tebow is expected to complement Sanchez, although it's unclear at this time to what extent.
Tebow, who went 7-4 in 11 regular season starts for the Broncos last season, was placed on the trading block after the team signed Peyton Manning to a five-year, $96 million contract earlier in the week. On Monday night, both head coach John Fox as well as Denver executive John Elway called Tebow and informed him that he may be traded.
Despite the fact that Tebow led the team to the playoffs, including a victory over the Pittsburgh Steelers in the AFC Wild Card round, Denver felt it couldn't pass the opportunity to sign Manning, one of the most successful quarterbacks of all time.
Tebow's will make $1.942 million in 2012, $2.266 million in 2013 and $2.590 million in 2014.
Along with the Jets, the Jacksonville Jaguars as well as the St. Louis Rams were also rumored to have interest Tebow, and many perceived the Jaguars to be the favorites to land him.
The Associated Press also contributed to this story.