New England Patriots signed quarterback Tim Tebow to a two-year contract last week worth $1.385 million that included zero guaranteed money. As noted by Rich Cimini of ESPNNewYork.com, the New York Jets, Tebow's former team, will spend more in cash and salary cap dollars for the former backup quarterback/personal punt protector than the Patriots will spend over the next two seasons combined.
Here's the breakdown:
When the Jets acquired Tebow from the Denver Broncos on March 23, 2012, they agreed to repay the Broncos for a portion of a $6,277,500 salary advance that Tebow had received from Denver in 2011, an amount totaling $2,531,875. The Jets paid $1 million in 2012 and will pay $1,531,875 back over the course of the 17-week 2013 regular season after failing to trade the quarterback's contract to another club this offseason.
When they released Tebow on April 30, the Jets basically ate the $1,531,875 this season.
There are no guarantees that Tebow makes and stays on the Patriots' 53-man roster this season, but if he does, he will earn the league minimum base salary of $630,000. When you add in the $525 in workout bonuses Tebow earned from the Patriots for participating in last week's three-day minicamp, the Jets will be spending at least $901,350 more in cash and cap space on Tebow this season than the Patriots will spend on the former Heisman Trophy winner. Tebow currently has a $755,000 cap charge in 2014 ($730,000 base salary plus a $25,000 workout bonus), so overall, the Jets will spend just around $140,000 more on him this season than the Patriots are currently scheduled to spend on Tebow over the next two seasons.