Wed @ 7:30 pm CST –  In an unprecedented move, the Broncos are allowing Tebow to pick between the two teams currently vying for his services, New York and Jacksonville, according to ESPN’s Adam Schefter.

7:25 pm CST  –  Just when you thought the day couldn’t get any crazier, it looks like the Jets may not get Tebow after all, as language in his contract calls for the repayment of $5 million in salary advance money, and the Jets aren’t interested in being on the hook for it.

As it stands right now, the Jets still have a deal in place, but while all of the financials are being sorted out, Michael Lombardi of the NFL Network is reporting that the Jaguars are pushing hard to swoop in and snatch Tebow away from New York.

12:15 pm CST  —  The Jets will also send their sixth round pick to the Broncos and will receive a seventh round pick back in return in the deal for Tebow.

11:55 am CST  —  One day after introducing Peyton Manning as their new starting quarterback, the Broncos have reportedly found a taker for the previous inhabitant at that position, sending Tim Tebow packing for the New York in a deal with the Jets.

Fox Sports’ Jay Glazer broke the news just moments ago, reporting that the Jets will send a fourth round pick in this year’s draft to Denver in exchange for Tebow.

Tebow has been highly criticized for his passing ability and while there is no doubting his ability as a runner and team leader, the Broncos had to make a move this  off-season to shed him from their roster, moving forward with a passer that can handle pro style offensive sets with ease.

We’ll have much more on this story as it breaks.