The Tim Tebow trade is official.

According to Mike Klis of the Denver Post via Twitter, he officially re-signed the contract with the Broncos at 2:02 p.m. MDT. The contract was swapped to the New York Jets, thus ending the Tebow Era in the Mile High City and beginning it anew in the Big Apple.

According to Klis, Tebow will have to pay the Broncos back $2.53 million in advanced salary. The terms of the trade remain the same with Tebow and a seventh-round pick heading to the Jets in exchange for a fourth-rounder and a sixth-rounder.

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Terry McCormick covers the Titans for TitanInsider.com