Updated: March 21, 2012 8:23PM
NEW YORK (AP) — The Broncos and the Jets have completed a trade to send quarterback Tim Tebow to New York.
The deal hit a snag earlier Wednesday when 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 Broncos also will receive fourth- and sixth-round draft picks, while New York gets a seventh-rounder — all in 2012 — as agreed to in the initial deal.
Denver started shopping Tebow after signing Peyton Manning, and the Jets were considered a long shot as late as Tuesday night. But New York went after Tebow, envisioning him as a versatile complement to starter Mark Sanchez, who received a $40.5 million contract extension, with $20.5 million guaranteed, earlier this month. The Jets also had pursued Manning.