NEW YORK (AP) -- Tim Tebow was traded to the Jets from the Broncos on Wednesday.
Denver general manager Brian Xanders said the Broncos would receive fourth- and sixth-round draft picks, while New York gets a seventh-rounder -- all in 2012.
The trade first was reported by Fox Sports.
Denver started shopping Tebow after signing Peyton Manning.
Tebow is expected to complement starter Mark Sanchez, who received a $40.5 million contract extension, with $20.5 million guaranteed, earlier this month. The Jets also had pursued Manning.
Tebow led the Broncos to the playoffs last season -- along the way beating Sanchez and the Jets, who missed the postseason. But Denver executive John Elway believed Manning gave the team a better chance at winning a championship now.
So, now Tebowmania is heading to Broadway.
Elway and Broncos coach John Fox called Tebow on Monday night to tell him it was possible he would be traded.
"I'm sure he was disappointed," Elway said Tuesday. "He didn't come out and say he was disappointed. I think it was a typical Tim Tebow response in the fact that he was very positive, and he said, 'Well, we're talking about Peyton Manning, and I understand exactly what you're doing.'"
Elway said he wanted to do right by Tebow, who took over a 1-4 team and led the Broncos to the AFC West title and a playoff win over Pittsburgh.
"It would be our goal to get him in the best situation possible for him to have success also," Elway said.
Tebow's base salaries for the next few seasons are very cap friendly: $1.942 million in 2012, $2.266 million in 2013 and $2.590 million in 2014.