The Tim Tebow trade that was reported earlier today, seems to be on hold for the moment. There are some contract details that the Jets were apparently not aware of originally. The Denver Post has an excellent break down of the current issue:
The Jets were apparently in too much rush to make a news splash for their New York tabloids. They didn’t look at Tebow’s contract until after agreeing to the deal.
Would you buy a home without an inspection?
The contract says any team acquiring Tebow has to kick back $5.06375 million to the Broncos in advanced salaries from the 2012, 2013 and 2014 seasons, according to an NFL source.
Tebow was to receive a base salary of $405,000 in 2011. But five days after the start of the league season — which turned out to be Aug. 6, 2011 because of the lockout — the Broncos exercised a $6,277,500 advance in guaranteed salaries.
The $6,277,500 million in advances came from salaries of four seasons: 2011 ($1,213,750); 2012 ($1,425,000); 2013 ($1,691,250) and 2014 ($1.92 million).
The Broncos agree to their 2011 advanced portion (and got their money’s worth as Tebow led them from a 1-4 start under Kyle Orton to the playoffs). But as Tebow would be a Jet today with completion of trade, Jets would be assigned Tebow’s contract.
The Broncos paid the advance, but the 2012, 2013 and 2014 salaries still go to team that gets Tebow’s services.
The Broncos expect the Jets to pay them back those salary advances from 2012-14 per Tebow’s contract. The Jets are balking.
This is what the Jets thought was Tebow’s remaining contract: $1.1 million in 2012; $1.055 million in 2013; $895,000 in 2014.
Three years, $3.05 million. Instead, they’re looking at three years, $8.11 million. Huge difference. Although it wouldn’t take long for the human revenue machine that is Tebow to make up that $5.06 million in Tebowmania sales.
There is a decent chance this deal may die.
Based on the initial feedback from the Jets Nation forum, it seems like many Jets will be happy if this deal did indeed die as the Denver Post suggests.