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NEW YORK (AP) -- The Broncos and the Jets have completed a trade to send quarterback Tim Tebow to New York.

The deal hit a snag earlier Wednesday when the Jets apparently balked at repaying Denver more than $5 million for a salary advance due Tebow. ESPN reported that the two sides had agreed to split that cost.

The Broncos also will receive fourth- and sixth-round draft picks, while New York gets a seventh-rounder -- all in 2012 -- as agreed to in the initial deal.

Denver started shopping Tebow after signing Peyton Manning, and the Jets were considered a long shot as late as Tuesday night. But New York went after Tebow, envisioning him as a versatile complement to starter Mark Sanchez, who received a $40.5 million contract extension, with $20.5 million guaranteed, earlier this month. The Jets also had pursued Manning.

(Copyright 2012 by The Associated Press. All Rights Reserved.)