Re: Broncos Trade Tim Tebow to the Jets
posted at 3/22/2012 8:10 PM EDT
A postscript to the contract snafu that held up the Tim Tebow
trade for eight hours Wednesday:
As you know, the Jets agreed to pay $2.503 million of a salary advance due Tebow. Now the final details are in:
The Jets will pay it back to the Broncos over the course of two seasons -- $1.5 million in 2012 and $1.03 million in 2013, a league source told ESPN sports business analyst Andrew Brandt
The payments will be made in 1/17th weekly installments. In case you're wondering, that breaks down to $88,235.29 per week in 2012. So, in essence, the Broncos are on the Jets' payroll.
And, yes, that money counts on the Jets' cap, a source told ESPNNewYork.com.
Originally, the Jets felt they didn't have to pay any of the salary advance. They were so confident in that belief that they announced the trade, via twitter and text messages to the New York media, at 1:03 p.m. A disagreement ensued when they forwarded the trade papers to the Broncos. The Jets thought it was just a formality; the Broncos demanded repayment of the entire salary advance, $5.03 million.
Soon there were reports out of Denver that the Jets had made the trade blindly without having read Tebow's contract. Even Tebow's brother, Robby, told reporters in Florida that the Jets "didn't read the fine print." Jets GM Mike Tannenbaum
, in a late-night conference call to announce the trade, stated emphatically that he had read the contract and knew the provisions. Based on his take, the two teams interpreted the provisions differently.