Report: Jets still owe Broncos $1.53 million for 2012 Tebow trade
You might be wondering why the Jets still haven't released quarterback Tim Tebow. It's because they still owe the Broncos money.
You might be wondering why the Jets still haven’t released quarterback Tim Tebow. Hardly anybody expects him to have any kind of relevant role for the team this year, and you probably would be hard-pressed to find anybody who believes that he’ll even be around by Week 1 of the 2013 season.
But why? Why haven’t the Jets cut him yet in favor of Mark Sanchez, David Garrard and Greg McElroy? Why do they continue to keep around one of the most controversial players in the league who has almost no chance of contributing to the team?
Money, of course.
As recounted by the Denver Post, the Jets still owe the Broncos $1.53 million from the 2012 trade that brought Tebow from Denver to New York, and the Jets reportedly are still trying to trade Tebow in an effort to get anything for him.
More from the Post about the trade that almost wasn’t and why the Jets still owe the Broncos:
Tebow's officially listed salary for 2013 is $2.58 million, but he is to collect only $1.055 million. The Jets don't have to pay this if they release him. The other $1.531 million goes to the Broncos. The Jets are stuck with this bill even if they dump Tebow.
When the Broncos traded Tebow to the Jets last year for fourth- and sixth-round draft picks, Mike Tannenbaum, the New York general manager at the time, was surprised to learn his team also needed to pay $5.06 million of prorated advance salary the Broncos had paid.
The payment was a deal breaker for a few hours until the Broncos and Jets agreed to split the difference of $2.53 million. The Broncos received $1 million last season and are due another $1.53 million from the Jets this year.
The Jets tried shopping Tebow at the NFL combine and, naturally, there were no takers. In fact, it seems likely that Tebow will have a tough time finding an NFL job at all this season.
Jacksonville, his most obvious destination, has shown no interest. It seems more likely that Tebow could end up in the AFL than with the Jaguars (or the other 31 NFL squads).
In reality, though, wherever he lands, he’d probably just be another distraction. Isn’t that right, Mike Mularkey?
“As the Jets shop Tebow, they aren't expected to ask a potential buyer to pick up his $1.53 million advance salary payment. But the Jets would like something in return,” the Post writes. “A seventh-round draft pick. A drawer of tight-fitting Jockey undershirts. Something.”
Most likely, they won’t get anything. Which is probably why a Tebow release is upcoming sometime this summer or early fall.
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