UPDATE #2: The original deal has gone through. Denver has agreed to trade Tim Tebow and a 2012 seventh-round draft pick to the New York Jets for a fourth- and sixth-round pick in April's draft. Tebow was being given the option to pick where he would be traded, New York or Jacksonville and he picked the Jets.
UPDATE: According to Adam Schefter, the New York Jets and Denver Broncos have reached a hangup on some of the language in Tebow’s contract. This could force the Jets to back out of the trade. And apparently the Jacksonville Jaguars are back in the mix to get the QB. Stay tuned.
According to ESPN,
the Denver Broncos have traded quarterback Tim Tebow and a seventh-round pick to the New York Jets for a fourth-round and sixth-round pick. You gotta think Elway wanted the Tebow questions to stop immediately after Peyton Manning's arrival so they can concentrate on football.