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Tim Tebow contract on hold

Quarterback Tim Tebow of the Denver Broncos warms

Quarterback Tim Tebow of the Denver Broncos warms up before a preseason game against the Arizona Cardinals. (Sept. 1, 2011) (Credit: Getty)

Tim Tebow will be introduced as the Jets' newest acquisition at a Monday press conference, but not before some technicalities with his contract need to be worked out. 

Because of a change in Tebow's contract that was agreed to by the Jets and Broncos as a condition of the trade, the contract must actually be re-worked and signed again by Tebow before the trade can become official. A person with knowledge of NFL contracts said Friday morning that any changes must first be written into the deal and then approved by the league. 

That process will take place over the next 24 hours, and Tebow will actually remain on the Broncos' roster until 4 p.m. Saturday. News of the contract hang-up was first reported by ESPN. 

The Jets and Broncos agreed to split the difference on a $5 million payment due to the Broncos as part of Tebow's original rookie contract, which stated that a trade would require the team acquiring him to reimburse the Broncos for the remaining portion of an original $6.2 million bonus. 

The Jets agreed to send fourth and sixth-round picks in this year's draft to the Broncos in exchange for Tebow and Denver's seventh-round choice this year. The two sides then negotiated a settlement of the $5 million payment before announcing the trade late Wednesday night. 

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