UNDATED (AP) -- Tim Tebow is the New York Jets' newest backup quarterback after the team was able to complete a deal with the Denver Broncos.
The Broncos will receive fourth- and sixth-round draft picks in next month's NFL draft and also ship a seventh-round pick to the Jets.
The trade was eventually completed Wednesday evening after the Jets apparently balked at repaying Denver more than $5 million for a salary advance due Tebow. ESPN reported that the two sides had agreed to split that cost.
The swap was announced a day after the Broncos signed fellow quarterback Peyton Manning to a five-year contract and made Tebow expendable.
The Jets are hoping Tebow will complement starter Mark Sanchez, who received a $40.5 million contract extension, with $20.5 million guaranteed, earlier this month.