Denver and Jets have encountered hangup in language in Tim Tebow's contract that could nullify trade. If the Tebow trade to Jets falls apart, St. Louis could wind up getting back into play. Sides sorting through details. Tim Tebow has $5 million worth of recapture language, meaning Jets would have to pay back money to Denver. Jets might be unwilling. Complex. The same money issues in Tim Tebow's contract caused complications for Jacksonville trying to complete trade. Now Jets facing them.
This is a surprising development, especially since Tebow and Jets coach Rex Ryan share the same agent, Jimmy Sexton.
More from Schefter:
Jets still alive and working to complete this trade. But there are contractual complications. One league source said he believes Tim Tebow trade with Jets will go through. But contractual issues now complicating it. Jets-Broncos agreed to Tim Tebow trade before Denver asked NY to pay back portion of bonuses and salary already paid to Tebow. No deal yet.
In contrast to Schefter's report, Jim Thomas of the Post-Dispatch says the Rams never made an offer for Tebow.
As Mike Klis explains, the Broncos paid Tebow an advance last year on his 2012, 2013, and 2014 salaries (these were part of the guarantees in his rookie contract), and the Broncos expect to get that money ($5.04M ) back as part of a trade. According to Klis, the Jets' FO was in such a rush to get a deal done, they did not examine the language of Tebow's contract until after agreeing to the swap.
Says Jeff Darlington:
Broncos source says Jets agreed to Tebow trade -- and it's their fault for not thoroughly reading contract. They contend trade should stand. Several other teams -- including the Jaguars -- recognized the language that required nearly $5 million payment, source said. Jets did not. Broncos sources contend the trade was made in good faith, that it should stand and that Jets should pay nearly $5 million. Could. Get. Ugly. I don't want to take sides here, but I can't help but think about life's biggest lesson when dealing with contracts: Read the fine print.
It's worth noting that Jets GM Mike Tannenbaum was first hired by the team in 1997 to be their Director of Player Contract Negotiations. He has a degree in accounting from UMass and another in sports law from Tulane Law School.
And as Jason La Canfora points out, the Jets' Twitter account may get them in trouble here:
We've seen some wacky Jets press conferences before, but could probably charge admittance to one having to explain botched Tebow deal. The fact the Jets tweeted out the trade without having fully understood the wording of Tebow's contract, as DEN asserts, not good for JETS
More from Mike Lombardi:
Denver never asked for the money back, the contract was written that way, and the Jets must not have looked at the fine print of the deal, because Tebow did not get a signing bonus portion of his 2012 and 2013 bases were guaranteed--in the contract it clearly states a repayment. The fault of this lies at the feet of the Jets GM, not the Broncos. Jets should have read the contract before announcing the deal
Adam Schefter says the Jaguars see this as an opportunity to jump back into the bidding for Tebow; presumably they'll up their bid?
Just to be sure, here's the Jets' announcement of the trade:
#RL Jets have just announced they have agreed on a trade with Denver Broncos for QB Tim Tebow.
And now Schefter reports:
Tim Tebow trade now is expected to come down to either Jaguars or Jets. Jaguars making play to get the player they failed to land earlier.
Tebow's brother apparently decided to weigh in as well:
They're working on it. 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.