Updated 03/21/12 – 8:23 p.m.

(CBS)  The Denver Broncos have completed their trade of quarterback Tim Tebow to the New York Jets, after clearing a potential hurdle over salary issues.

After initial reports came out that the Broncos were dealing Tebow to New York, the trade appeared to hit a snag over a clause in Tebow’s contract that could have required the Jets to pay up to $5 million to the Broncos.

It was not immediately clear how that salary issue was resolved.

Tebow became expendable after the Broncos signed former Indianapolis Colts quarterback Peyton Manning to a five-year, $96 million deal.

The Broncos will send Tebow and a 7th round draft pick to the Jets in exchange for New York’s 4th round and 6th round picks in the 2012 draft.

“Our goal was to do the best thing for Tim and the Broncos, and I believe the opportunity that presented itself with the New York Jets accomplishes that objective,” Executive Vice President of Football Operations John Elway said in a statement. “Tim made a lot of strides last year and has a very promising career ahead of him. If anyone is willing to put the work in to be great, it’s Tim Tebow.”

Taking over the starting job after five games last year, Tebow helped lead the Broncos to an 8-8- record and a run to the playoffs.

In 23 career games — including 14 starts — Tebow completed 47.3 percent of his passes for 2,838 yards, 17 touchdowns and nine interceptions. He added 887 yards and 12 touchdowns on the ground. In two postseason games, Tebow threw for 452 yards and two touchdowns, rushing for 63 yards and a score.

His five fourth-quarter comebacks in 2011 tied Eli Manning and Alex Smith for the NFL lead.

“Tim Tebow deserves an enormous amount of credit for what he accomplished and how he carried himself during his time with the Broncos,” Elway said. “From taking over a 1-4 team and leading it to the playoffs to energizing our fans and this community, Tim left an extraordinary mark on this organization. His time in Denver will always hold a special place in Broncos history.”

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