Though Tannenbaum praised his newest acquisition, he also promised there wouldn't be any quarterback controversy between Tebow and starter Mark Sanchez next season.
"We're excited to add Tebow as a member of the Jets," Tannenbaum said in a conference call Wednesday. "Mark Sanchez is, has been and will be our starting quarterback. We're adding Tim to be our backup quarterback and play in other packages as coach (Rex) Ryan and (offensive coordinator Tony) Sparano see fit."
Tebow said he didn't have a problem with no longer being a starting quarterback. Sanchez called Tebow on Wednesday, and the two longtime friends spoke about their new dynamic.
"I feel like this is a great opportunity for me to develop," Tebow said. "I think I'll be playing for great coaches, and I think the scheme will be a great scheme to learn under. My goal is to be the best player I can be and to improve every single day."
The Jets and Broncos had agreed to the trade earlier in the day, but the deal was delayed when the sides disagreed about which team would pay Tebow $5 million in guarantees as part of his contract. New York will give $2.53 million back to Denver over the next two years, a league source told NFL Network insider Jason La Canfora.
Tannenbaum attributed the disconnect to a simple miscommunication.
"We knew what the contract was and read it," Tannenbaum said. "In the papers we sent over to Denver, we addressed the issue of the advance. When they received those papers, there was obviously a disagreement on how the advances should be handled. Based on that, they were well within their rights to assess their alternatives. ... By the end of the day, we were able to find a solution that worked well for everyone."
Tebow repeatedly thanked the Jets for continuing to pursue him "throughout this crazy process today," but the signal-caller also expressed his gratitude to the Broncos for giving him his start in the NFL.
"My time there was great, and I'll always be thankful to the fans in Denver and communities for the way they rallied around me," Tebow said. "But that time is over and done, and I'm looking forward to a new chapter in my life."