ESPN's Adam Schefter reports the Tim Tebow trade is expected to "come down to" either the Jaguars or the Jets.

ESPN's Adam Schefter reports that the Jaguars have jumped "back in the mix" to trade for Tim Tebow with Wednesday's Jets deal on hold.

The Denver Post reports that the holdup in Wednesday's Tim Tebow trade to the Jets is a provision requiring New York to pay a "kick back" worth north of $5 million in order to acquire him. The exact amount is $5,063,750, and per Tebow's language-heavy rookie contract, the Jets must pay the money to the Broncos for the trade to be finalized. We suspect there are ways for Denver to work around this, but for now it's a holdup. Per the Denver Post's Mike Klis, the Jets are understandably "balking" at paying the kick back, and "there is a decent chance this (trade) may die."

ESPN's Adam Schefter reports that the NFL has encountered "hangup language" that could nullify the Jets' trade for Tim Tebow. Schefter doesn't have finite details, but the deal has not been approved by the NFL. Per Schefter, the Rams "could wind up getting back into play" if the trade is nixed. The Jaguars and Packers also had interest in Tebow. Stay tuned.

Jets acquired QB Tim Tebow and a 2012 seventh-round pick from the Broncos in exchange for fourth- and sixth-round picks in 2012. Per ESPN's Adam Schefter, the Rams "jumped in" to the Tebow trade talks on Wednesday morning, and they along with the Jaguars and Jets were in the thick of conversations. The Packers ultimately determined Tebow wasn't worth a mid-round pick. In New York, Tebow will create some urgency for Mark Sanchez, although he's ultimately expected to be a No. 3 quarterback and package-type player. If Sanchez starts the 2012 season slow, however, we'd hardly be shocked if Tebow's quarterbacking role grew. He fits perfectly with Rex Ryan and Tony Sparano's run-heavy mindset.

NFL Network's Michael Lombardi reports the Rams have entered the mix for Tim Tebow.

According to the New York Post, the Jets still believe they are not the favorites to land Tim Tebow. The Jets are apparently unwilling to give up a high draft pick. A source also tells the Post on Wednesday morning that a Tebow trade would be "strictly about football," not an attempt to fix the locker room. An Orlando TV station, citing a source close to Tebow, reported late Tuesday night that a trade to the Jets or Jaguars is expected by midday today. We put very little stock in that report.

ESPN 540 Milwaukee confirms the Packers' interest in a Tim Tebow trade is "legitimate." Coach Mike McCarthy and GM Ted Thompson spoke glowingly of Tebow prior to the 2010 draft, and the team's interest is reportedly "piqued" by the unique quarterback. Beat writer Jason Wilde concedes that Thompson's more deliberate style could leave the Packers in the dust while the Jets and Jaguars pursue Tebow more aggressively.

A source with knowledge of the situation tells Profootballtalk that four teams are currently in the running for Tim Tebow. The four teams are comprised of the Jets, Jaguars, Packers, and a fourth mystery club -- perhaps the Dolphins despite repeated denials out of Miami. The Jets and Jaguars appear to be the favorites, as Tebow would rarely see the field in Green Bay.

Two sources tell ESPN New York the Jets' interest in Tim Tebow has "intensified."