The Jets sent two picks -- a fourth-rounder and sixth-rounder in 2012 -- to the Denver Broncos in exchange for a seventh-round selection.
Tebow, a former first-round pick, went on the trading block Monday when the Broncos secured free agent Peyton Manning, who signed a five-year, $96 million contract.
Several teams expressed interest, including Tebow's hometown Jacksonville Jaguars, but the Jets -- perceived as a sleeper at the outset -- pulled off the splashiest trade of the offseason.
Tebow -- he has three years remaining on his contract, with a base salary in 2012 of $1.1 million -- will join a cast of backups behind incumbent Mark Sanchez, but his presence could ignite a quarterback controversy. Cornerback Antonio Cromartie tweeted before the trade that "we don't need Tebow," expressing his confidence in Sanchez and the current roster.
Asked on Tuesday what he thought it would be like to play with Tebow, Sanchez told FoxSportsRadio in Los Angeles, "I think Peyton (Manning) will do great, I think Tim will do great no matter what happens. He's either going to get a great chance to learn from one of the best quarterbacks to ever play, or he moves on somewhere else and he uses his skills at another ballclub. He definitely has talent. He knows how to win, he knows how to inspire players."
The timing of the trade is curious.
Two weeks ago, the Jets gave Sanchez a three-year, $40.5 million contract extension, professing their faith in him even though he regressed in certain areas last season. They signed former Detroit Lions backup Drew Stanton last week to be their No. 2 quarterback, handing him a $500,000 signing bonus. They also have former Alabama star Greg McElroy.