FOXBOROUGH, Mass. -- On Tuesday, quarterback Tim Tebow agreed to a two-year contract with the Patriots, which ESPN NFL Insider Adam Schefter reported included no guaranteed money. Adding on to that report, the full details are below, provided by a league source.
Base salary: $630,000 with a full injury split if placed on injured reserve
Base salary: $730,000 with a full injury split if placed on injured reserve
Offseason workout bonus: $25,000
2014 playing time incentives
60 percent: $500,000
70 percent: $1,000,000
80 percent: $1,500,000
80 percent and reaching the playoffs (or winning 10 games): $2,000,000
Note: Tebow would not earn the sum of each playing time benchmark reached. For example, if he plays 70 percent of the offensive snaps in 2014, he would earn $1,000,000, not $1,500,000 (the sum of both the 60 and 70 percent benchmark incentives).
Maximum value: Two-years, $3.385 million.
QUICK-HITS: If Tebow stays on the roster as a backup, this deal is straightforward. The base salaries for 2013 and 2014 are the minimum value for a player of his tenure and would qualify as fair value for a backup quarterback. In the event that Tebow does become a starter in 2014, an unlikely possibility unless Tom Brady is injured and he is able to leapfrog Ryan Mallett on the depth chart, then he'll have an opportunity to earn more money. The take-home point on this deal was made clear with Schefter's initial report: There's no guaranteed money involved, making it a low-risk investment for the Patriots. If they don't feel Tebow has a spot on their roster, they can cut ties without penalty. If he performs well enough to remain on the roster, it won't come at a steep price.