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UPDATE, 11:45 p.m.: Tebow also spoke with reporters before the clock struck midnight ET on one of the most memorable offseason days in NFL history.

"I'm thankful (the Jets) believed in me and stuck with me through this whole crazy process today," he began before clarifying, despite earlier reports, that he did not have the final choice between the Jets and Jaguars.

"Ultimately, I really didn't have any (input), because the Broncos had all that power," said Tebow. "It's (been) an interesting day. ... I'm excited to be a Jet at the end of the day."

Tebow said Jets starting QB Mark Sanchez reached out to him earlier Wednesday and left a voicemail; the two later spoke. Tebow said they have "been blessed to be friends for the last several years," and he has no issues serving as Sanchez's backup, which is how GM Mike Tannenbaum defined his role earlier in the night.

"Looking forward to seeing him soon and working with him," Tebow said of Sanchez. "Definitely have a lot of respect for him. ... He is such a classy guy and handles himself so well."

Tebow was his typical good-natured self, embracing his new NFL opportunity even if it immediately means a demotion down the depth chart. He said he's going to "come in and compete and get better as a quarterback and find other areas to help the team ... and that's my goal.

"I always try to put the team first."

He also sounded at peace with the Broncos' decision to move on from him even though he vaulted Denver to the AFC West title in 2011.

"I understand what the Broncos are going through and what they're dealing with," he said. "Not many times do you have an opportunity to get a player like Peyton Manning."

Tebow looks forward to the chance to develop his game in New York and even sounded more than ready to deal with the expletives that Jets HC Rex Ryan has become known for.

"How'd I know I was gonna get this question," laughed Tebow, an admitted fan of HBO's Hard Knocks, which in 2010 starred Ryan, of whom Tebow said, "I feel like we have a lot in common."

He went on to say, "I have so much respect for Coach Ryan as a coach ... he's a coach you want to play for."

Tebow then conceded "not the cleanest language" emanates from NFL locker rooms, but "I'm not too worried about that."

Jaguars owner Shad Khan made a statement himself late Wednesday evening:

"Earlier this week I asked (GM) Gene Smith and his staff to explore the potential of acquiring Tim Tebow. I think we have a duty to consider all avenues of improving the Jaguars on and off the field, especially given the unique circumstances involving the player. I appreciate the high level of due diligence Gene and his staff dedicated to this matter, even as late as this evening, and I am very satisfied with the outcome. Our commitment to developing (QB) Blaine Gabbert was, and still is, central to our goal of returning the Jaguars to elite status in the NFL. We're looking ahead with zero regrets."

***

UPDATE, 11:06 p.m.: Six minutes after Tannenbaum concluded his Q&A session, the NFL officially started peddling green-and-white Tebow merchandise.

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UPDATE, 10:32 p.m.: Jets GM Mike Tannenbaum addressed reporters via conference call Wednesday night to explain the day's events.

He immediately asserted that Mark Sanchez is the starting quarterback, and Tebow is the backup, though he'll be used extensively in the Jets' Wildcat package. "We're gonna do a lot of great things with (Sanchez)," he said. "Every quarterback in the NFL has a backup."

But Tannenbaum said both HC Rex Ryan and OC Tony Sparano leapt at the opportunity to acquire Tebow; both men were head coaches of teams that lost to Tebow's Broncos in 2011, and Sparano took a liking to Tebow while coaching him at the 2010 Senior Bowl.

"Rex has always believed in the Wildcat package," said Tannenbaum, "and (Tebow is) another playmaker to add to the mix."

Despite the protracted negotiations over the course of the day, Tannenbaum said the Jets were comfortable paying the price they did and view Tebow as the backup for Sanchez through the 2014 season after which his contract expires.

"It's exciting to know we've solidified that position," said Tannenbaum. "He's our type of guy, he's a competitor, he's a winner.

"It was an unexpected opportunity."

And Tebow should get plenty of opportunities to play even if he's the nominal backup.

"We have a vision for the player, we have a role for the player," said Tannenbaum.

The Jets have long employed their own version of the Wildcat, which Sparano popularized as the Dolphins' head coach in 2008. Tebow's read-option skills should revitalize that component of the offense after it seemed to flounder in 2011 after Brad Smith's departure.

Tannenbaum also tried to put to rest any notion that the Jets didn't closely inspect or understand Tebow's contract upon first agreeing to the deal despite subsequently haggling with the Broncos over advanced contractual payments.

"We knew what the contract was, we had read it," he said. "There was a disagreement on how the (salary) advances should be handled."

He went on to add the deal nearly fell apart later in the day, saying: "Denver was well within their rights to assess their alternatives."

The teams expect the trade to be official Thursday.

***

UPDATE, 9:02 p.m.: The Broncos have confirmed officially trading Tebow to the Jets. The initial draft pick compensation is unchanged: Tebow and a seventh-rounder to the Jets, with fourth- and sixth-rounders going back to Denver. Per Schefter, the teams will split the $5 million that was in dispute earlier in the day.

Broncos VP of football operations John Elway offered the following statement:

"Tim Tebow deserves an enormous amount of credit for what he accomplished and how he carried himself during his time with the Broncos. From taking over a 1-4 team and leading it to the playoffs to energizing our fans and this community, Tim left an extraordinary mark on this organization. His time in Denver will always hold a special place in Broncos history. As a former player, I know the last two weeks were not easy for Tim. He was put in a difficult situation, and I commend him for how he handled it with the same first-class manner he displayed throughout his career in Denver. Our goal was to do the best thing for Tim and the Broncos, and I believe the opportunity that presented itself with the New York Jets accomplishes that objective. ... I have a great deal of respect for Tim and the positive impact he makes both on the field and in the community. He has a bright future in this league, and I'm hopeful he will enjoy continued success with the Jets."

***

UPDATE, 8:30 p.m.: ESPN's Adam Schefter is reporting Tebow is being allowed to pick whether he wants to play for the Jets or Jaguars. (Do both teams have to go to Duke and watch him throw, nobody knows ... ) However Schefter, a former Broncos beat reporter, seemed to contradict himself shortly thereafter, tweeting: "Denver says it will do the trade that is best for its franchise. Jets or Jags."

UPDATE, 7 p.m.: Tebow's brother, Robby, offered his insight Wednesday afternoon.

"Like he was signed, sealed and delivered," he said from a pro-am golf tournament at the Arnold Palmer Invitational at Bay Hill in Orlando. "Apparently, they (the Jets) didn't read the fine print.

"I think the Jags are back in play. We're almost back to square one.

"We want to go where somebody wants him -- that's where he wants to be. ... We'll figure it out. They're working on the contract; all those guys doing what they're paid to do."

Jets Hall of Famer Joe Namath also weighed in, taking his latest swipe at the team that's never returned to the Super Bowl since he left.

"I'm just sorry that I can't agree with this situation. I think it's just a publicity stunt. I can't go with it. I think it's wrong," Namath said on 1050 ESPN Radio. "I don't think they know what they're doing over there."

***

UPDATE, 5:20 p.m.: Per ESPN's Adam Schefter, the Jaguars (Tebow's hometown team) are trying to get back into the picture to acquire the quarterback as the Jets and Broncos try to hash out their differences.

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UPDATE, 4:45 p.m.: Lombardi reports that the money in question actually represents future guarantees, and that the Broncos feel they bargained in good faith. He added the league informed the Jets of the $5 million in question in the fine print of Tebow's contract, and the team balked.

"This one's on the Jets," said Lombardi.

No trade paperwork was officially filed to the league, so the deal seems to remain in limbo.

***

UPDATE, 3:50 p.m.: The Jets-Broncos deal for Tebow may have hit a snag. Denver has asked New York to include about $5 million in bonuses the Broncos have already paid the quarterback, per ESPN. NFL Network analysts and former front office executives Charley Casserly and Michael Lombardi said "no team" would agree to such a financial transfer, compensating a team for monies already paid a traded player.

Are Elway and Co. just asking for a cherry on top, or could the Broncos be eyeing a better deal from the Rams, whom ESPN claims also want Tebow?

"The Jets are taken aback by this," Glazer said on NFL Network.

***

Move over Linsanity, it's time for Tebowmania.

The New York Jets acquired QB Tim Tebow on Wednesday from the Denver Broncos, just a day after they officially signed Peyton Manning, making their 2011 starter obsolete in the Mile High City.

The Jets confirmed agreeing to the deal on their website. FOXSports' Jay Glazer broke the news.

The Jets pick up Tebow and the Broncos' seventh-round pick for a fourth- and sixth-round choice.

SUNSHINE SIGNAL? Friend says Tebow wanted to play in Florida

It didn't take Denver VP of football operations John Elway long to find a willing suitor for the polarizing southpaw even as the Broncos were removing Tebow's pictures from their Englewood, Colo., facilities prior to Manning's introductory press conference yesterday.

"This is a tough business," Elway said Tuesday. "I will tell you the toughest thing about this whole thing is Tim Tebow because of what I think about Tim Tebow. ... The things that he did last year were tremendous in helping turn this organization around from a 4-12 team to a playoff team and winning the division.

"I have a great deal of respect for him as a person and the things that he does. There is no question the hardest thing about this business is the personal side. We just had to make a decision as an organization ... for what would be the best opportunity to be competitive for a world championship, and Peyton Manning was that. That is why we chose to go that direction."

The Jets, who locked up Mark Sanchez through 2016 with a three-year, $40.5 million extension March 9, are a bit of a surprising destination for Tebow, who is scheduled to make about $6.8 million over the next three seasons.

There seemed to be a desire to obtain a player to push Sanchez -- newly signed Drew Stanton and untested Greg McElroy are the other backups -- though Tebow's arrival would only seem to invite full-blown controversy the next time any struggles arise for Sanchez, who clearly already has a somewhat tenuous relationship with some teammates ... not to mention a fickle and unforgiving fan base.

MARKED MAN: Sanchez fires back at critics

However for all the flak Tebow takes for his 47.3% career completion percentage, Sanchez isn't much better (55.3%) and was outdueled by No. 15 in Denver last season. New York HC Rex Ryan has also pledged a re-commitment to his beloved ground-and-pound philosophy, and Tebow could certainly be an asset in numerous roles -- especially in a Wildcat package -- remember, the Jets used to employ it frequently and effectively before Brad Smith left for Buffalo, and new OC Tony Sparano made the gimmicky formation famous again in Miami.

Devout Tebow and raucous Ryan would seem to be an odd pairing, however it will be worth noting the effect the team-oriented quarterback has on a locker room that seemed to be fracturing by the end of the Jets' disappointing 8-8 season.

Yet one player already seems to be questioning the move. Jets CB Antonio Cromartie tweeted:

Y bring Tebow in when we need to bring in more Weapons for @Mark_Sanchez let's build the team around him. We already signed to 3 year ext.

Including playoffs, Tebow went 8-5 as the Broncos' triggerman in 2011 after taking over a 1-4 squad in Week 7. Denver won seven of his first eight starts, often in riveting style, before losing its final three regular-season games and backing into postseason as the AFC West champions.

PHOTOS: Tim Tebow in pictures

Tebow's 20-yard TD run with 58 seconds remaining sparked a 17-13 Week 11 defeat of the Jets in Denver.

"That's what he does. You keep the ball in your playmaker's hand," Ryan said at the time. "We thought he was going to carry the ball and he didn't disappoint us. But he ran for a touchdown. The kid's a competitor and makes big plays with the game on the line."

Tebow's 80-yard crossing strike to WR Demaryius Thomas on the first play of OT in the wild-card round gave the Broncos a shocking 29-23 upset of the reigning AFC champion Pittsburgh Steelers. Tebow was ineffective and battered in the following weekend's season-ending rout at New England.

Tebow completed an NFL-worst 46.5% of his passes in 2011, but threw and ran for a combined 18 TDs while committing 12 turnovers. Sanchez committed 26 turnovers.

Fun fact: No one on the Jets' roster currently wears No. 15 -- so jersey shoppers can probably pre-order some soon.

Hat tip: AP