DENVER — It’s now official: Tim Tebow is the latest millionaire, courtesy of the Denver Broncos.
Tebow, the 25th-overall pick in last April’s NFL Draft, has signed a five-year, $11.25 million contract with $8.7 million guaranteed, ESPN’s Adam Schefter and the Denver Post, citing two NFL sources, is reporting. The deal could eventually be worth $33 million but that includes, according to the Post, “difficult-to-reach” incentives. The deal was announced after workouts Thursday and neither Tebow nor head coach Josh McDaniels were available for comment.
Tebow, who helped Florida to a national championship as a freshman, won the Heisman Trophy and led Florida to another national championship as a junior, had missed the first three workouts of Broncos camp, though those workouts have been for rookies and selected veterans. His agent Jimmy Sexton and Broncos general manager Brian Xanders put the deal together.
Tebow is expected to practice Friday morning, with the Broncos officially opening training camp on Sunday with full squad in full pads.
The money is less than the $11.8 million that the Dallas Cowboys paid to their first-round pick (24th overall), former Oklahoma State wide receiver Dez Bryant. Tebow’s guaranteed money, however, is almost a half-million dollars more than that given to Bryant because Tebow is a quarterback. Last year’s No. 25 pick—Miami Dolphins cornerback Vontae Davis—received a 5-year, $10.25 million contract with $7.345 million guaranteed.
That leaves the Broncos’ only unsigned draftee as No. 1 pick, Demaryius Thomas of Georgia Tech, who was taken three picks before Tebow, whom the Broncos acquired in a trade with Baltimore. Last year’s No. 22 pick, ironically, was Tebow’s favorite receiver, Percy Harvin, who signed a 5-year, $14.28 million contract with the Minnesota Vikings, $8.5 million of it guaranteed.
The 6-foot-3, 245-pound Tebow was a finalist for the Heisman Trophy for three consecutive seasons (winning the award in 2007) as he compiled a 35-6 record as a starter for the Gators. He set Southeastern Conference career records for total offense (12,232 yards) and rushing touchdowns (57) while setting an NCAA standard with a 170.8 career passing efficiency (661-995, 9,285 yards, 88 touchdowns, 16 interceptions).
A Parade All-American at Nease High School in Jacksonville, Tebow was born on Aug. 14, 1987, in Makati City, Philippines.