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New York Jets Cut Tim Tebow

NEW YORK (TheStreet) -- After months of speculation, it's finally happened: The New York Jets have released quarterback Tim Tebow.

First reported by New York Post writer Brian Costello on Twitter, it's been a long, winding and expensive road for the beleaguered quarterback from the University of Florida.

Tebow become a national sensation while leading the Denver Broncos into the playoffs and was traded to the Jets last off-season. ESPN had daily updates on Tebow during Jets' training camp, focusing particularly on his relationship with starting QB Mark Sanchez. Tebow and Sanchez repeatedly insisted that their relationship was fine, though there were reports to the contrary from other sources. ESPN is a subsidiary of Walt Disney .

Last year, Tebow made $2.1 million in salary, as part of a five-year $11 million deal he signed with the Broncos in 2009 upon being drafted in the first round out of Florida. He was scheduled to make $2.58 million this year, but the Jets didn't have to pay him if he was released.

Though the Jets had Tebow for 13 months, the team certainly didn't get any kind of value from the quarterback. Appearing in 12 games last year, Tebow threw 8 passes, completing 6 of them for 39 yards, with no touchdowns. He also rushed 32 times for 102 yards, also with no touchdowns. Those aren't exactly stats that scream a player is worthy of being on the roster for 2013, not to mention the constant distraction of the Tebow media circus.

Tebow's fate was likely sealed when the Jets drafted QB Geno Smith from West Virginia in the second round last week. In addition to having Sanchez, who is owed $8.25 million this year, and Smith on the roster, the Jets also have quarterbacks David Garrard and Greg McElroy.

--Written by Chris Ciaccia in New York

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