New Report: Tebow Trade Hits Snag

by | March 21, 2012 at 3:07 PM | General, NFL

Stop the presses, New York. Tebowmania may not be descending on New Jersey the Big Apple after all.

After initial reports spread like wildfire that the Jets had agreed in principle to acquire Tim Tebow from the Broncos for two draft picks (a fourth-rounder and sixth-rounder in 2012), a new report out of ESPN says the trade is now in jeopardy.

According to ESPN’s Adam Schefter, a Denver Broncos source claims that both teams “have encountered a hang-up in the language in Tebow’s contract that could nullify the trade.”

That hang-up is roughly $6.2 million worth of recapture language in Tebow’s contract. Tebow has already been paid $1.2 million of that amount, which means the Jets would have to pony up the remaining $5 million to Denver in order for the deal to be finalized. That clause was reportedly in the original contract the Jets agreed upon initially.

Schefter also notes that if the Jets are unwilling to pay the extra money and the agreement is voided, Denver will look to trade Tebow elsewhere. Sources are indicating that St. Louis could be a major player to land the polarizing QB if New York backs out.

Here is ESPN’s full report.

This is a developing story. Check back frequently as more information becomes available.