Latest Update @ 4:25 pm CST  —  The Jets will send a seventh round pick (via Jacksonville) along with Stanton to the Colts, and will receive a sixth round selection back from Indianapolis (via Philadelphia) in return.

4:06 pm CST  —  A day removed from his public display of frustration, the Jets granted quarterback Drew Stanton his wish and sent him on his way to compete for a shot as a true backup with the Colts. New York will reportedly receive an undisclosed draft choice back in return.

Stanton had signed on with New York earlier this off-season, thanks in large part to the instability of Mark Sanchez as the starter, but after he was relegated to the third string role following the Jets acquisition of Tim Tebow on Wednesday, Stanton complained enough to earn his ticket out of town.

With Indianapolis set to take one of Andrew Luck or Robert Griffin III in next month’s draft, Stanton is almost certain to play out the upcoming campaign from the sideline and isn’t likely to see much action unless an injury occurs.

Stanton, 27, is headed into his sixth season in the NFL, spending the five years before now with the Lions backing up Matthew Stafford and occasionally Shaun Hill. In limited playing time, Stanton has totaled 104 completions for 1,158 yards, five touchdowns, and nine interceptions.