Tebow trade off – the announcement was made by Adam Schefter Dan Leberfeld

The trade of Tim Tebow to the Jets is off. The announcement was made by ESPN’s Adam Schefter, who is close with Mike Tannenbaum.

“In Tebow’s contract is a $6.2 million salary advance, of which $1.2 million already has been paid by Denver, sources told Schefter,” wrote ESPN.com. “The difference of $5 million is still advanced against his future salary, and that burden would shift to the Jets in a trade. The Jets, sources said, believe the Broncos should owe Tebow that money.”

We will keep you posted on any further announcements from Schefter.