FOURTH UPDATE: If you took the over on 3.5 updates for this post, you win a trip to The Score’s ivory towers to watch me work for a full day. You’ll sit, and mostly just sit.

Schefter has delivered what should be the final update, and 10 or so hours later we’re back where we started. Tebow has now officially(?) been traded to the Jets. Denver will receive fourth- and sixth-round picks in April’s draft, and they’ll also give New York a seventh rounder.

We’ll reflect on this madness more tomorrow, but for now please refer back to my analysis of Tebow’s role in the Jets’ offense from earlier today during much simpler times, because I have to go eat a frozen pizza.

What a world.

THIRD UPDATE: We’ve now reached a whole new level of absurdity, with Schefter reporting that Tebow will be allowed to choose which team he’s traded to between the Jets and Jaguars. He also shed some more light on that small matter of $5 million from earlier, a confusing contract detail in what’s become a hilariously botched mess for the Jets.

In Tebow’s contract is a $6.2 million salary advance, of which $1.2 million already has been paid by Denver, sources told Schefter. The difference of $5 million is still advanced against his future salary, and that burden would shift to the Jets in a trade. The Jets, sources said, believe the Broncos should owe Tebow that money.

The trade, then, will not be finalized until the sides resolve who should pay the money to Tebow.

C’mon, fellas. What’s $5 million between friends?

So Tebow is left to choose between a chance to be a starter in Jacksonville, and a chance to, you know, win football games in New York.

SECOND UPDATE: And now the Jaguars are reportedly back in the mix and trying to jump in and grab Tebow. This is getting fun, in the same way that riding the teacups at a sketchy town fair for several hours is fun.

FIRST UPDATE: The snag appears to be the $5 million in recapture language in Tebow’s contract, according to Schefter. As far as I can tell, when translated that legalese means that $5 million needs to land in Denver’s hands, and it functions as a sort of trade fee. Schefter added that Tebow’s contract is “complex,” and he won’t get any argument here.

So basically, the Jets didn’t read Tebow’s contract, which is absolutely baffling, but so very Jets-ish.

Part of the complication also stems from some odd negotiation tactics. As he continued to drop information one tweet at a time, Schefter noted that the two teams agreed to the trade, and then later the Broncos asked for New York to pay back a portion of Tebow’s salary and bonuses

He also added that his sources believe the deal will get completed, but these snags need to be negotiated first.

ORIGINAL POST

We know so very little right now, but insider and noted oracle Adam Schefter just dropped some knowledge that could put the Tim Tebow dynamite that ignited earlier today back into its box.

Buckle up, kids. We’re not home yet.

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