After much speculation and hype this week, the rumor mill can officially quit grinding grist; Tim Tebow has been traded to the New York Jets after they sent two picks, a fourth-rounder and sixth-rounder, to the Denver Broncos in exchange for a seventh-round selection.

The trade comes after Denver officially acquired hot commodity Peyton Manning yesterday in a 3-year, $96 million deal, a move that was met with shock and dismay to some–especially after Broncos bigwig John Elway said that Manning was their Plan A, and there was no Plan B…meaning that they aren’t banking on Manning being injured and needing a backup despite the fact that he was out for the entire 2011 season with neck injuries.

ESPN’s Adam Schefter predicted the three most likely teams to put in a bid for Tebow to be the Jaguars, the Packers, and the 49ers, so the move to New York is somewhat unexpected as they swooped in on silent cat’s feet to acquire one of the most talked about players in the NFL today.

Tebow will be backing up current Jets quarterback Mark Sanchez, who just renewed his contract for three years in a $40 million deal. As always, the Twitterverse is abuzz with reaction to the news.