The Jets made one of the most dramatic trades in franchise history Wednesday — twice.
The team swung a deal with the Broncos for polarizing quarterback Tim Tebow after the trade nearly fell through earlier in the day.
The Jets sent their fourth- and fifth-round picks in next month’s NFL Draft to Denver in return for Tebow and a seventh-round pick.
The Jets thought they had completed a trade with the Broncos for Tebow in the afternoon, then realized Tebow’s contract called for them to send more than $5 million back to the Broncos. When the Jets realized this, they balked on paying it, holding up the trade.
This allowed the Jaguars to jump in to try to get Tebow to come to his hometown of Jacksonville. Eventually the Jets and Broncos agreed to split the $5 million payment, according to ESPN.
The deal got done just before 9 p.m., some eight hours after it originally was thought to be completed.
The Denver Post reported the Broncos believed the Jets made the original deal without reading the fine print of Tebow’s contract. It called for the Jets to repay money the Broncos advanced to Tebow last summer, totaling $5.06 million, on his 2012-14 salaries.
The Jets became enamored with Tebow over recent days and pounced when the Broncos signed Peyton Manning. The Jets announced they agreed to principle on the deal on their Twitter account shortly before 1 p.m.
The deal immediately caused controversy, as Jets fans debated whether bringing in the quarterback was the right move and how this would affect starter Mark Sanchez.
That debate halted once the snag in the trade became known. General manager Mike Tannenbaum nearly had egg on his face before salvaging the deal.
The Jets became a punch line around the NFL as word circulated of the bungling.
“How on Earth do you miss that payment on the contract? How?” one executive from another team asked.
The Jets went into the original deal believing there was $3.05 million and three years left on Tebow’s contract. Instead, it is three years, $8.11 million.
The Broncos exercised a $6,277,500 advance in guaranteed salaries last August. The advances came from salaries over 2011-14. The Broncos had language in the contract that if Tebow were traded, they recoup the money for the years he is not in their uniform from the acquiring team. Other teams reportedly recognized the clause, but the Jets did not.
The proposed trade sparked plenty of conversation before it was held up. The Jets see Tebow as the ultimate competitor, who could play a variety of roles on their offense. They think he could run the Wildcat formation, one of Rex Ryan’s favorites. It is possible they could use him as an H-back or in some other creative formations.
There is also the boost he will do for business. The Jets certainly will see a jump in jersey sales and popularity with Tebow in the fold.
The critics of the deal point to his limited skills as a true quarterback and the baggage he brings with him. How will Sanchez handle Tebow being over his shoulder? Will the fans at MetLife Stadium chant “We want Tebow!” after Sanchez’s first interception of the year?
This is also a team trying to repair a fractured locker room. Tebow can be a divisive figure through no fault of his own. Jets cornerback Antonio Cromartie voiced opposition to the Jets trading for him Tuesday and again Wednesday morning before the deal was first reported.
brian.costello@nypost.com