The New York Jets have waived quarterback Tim Tebow.
The move was announced Monday morning, just three days after the Jets selected quarterback Geno Smith in the second round of the NFL Draft.
"We have a great deal of respect for Tim Tebow," said Jets coach Rex Ryan in a statement Monday. "Unfortunately, things did not work out the way we all had hoped. Tim is an extremely hard worker, evident by the shape he came back in this offseason. We wish him the best moving forward."
The Jets now have five quarterbacks on the roster, led by Smith, incumbent starter Mark Sanchez, last year's backup Greg McElroy, recently signed David Garrard and Matt Simms.
Tebow spent one forgettable season with the Jets, who acquired him from Denver in March 2012. It was thought he would give the Jets another weapon in the wildcat formation, but the team rarely used him.
In 12 games last season, Tebow threw just eight passes and completed only six for 39 yards. He also ran just 32 times for 102 yards.
Tebow played his first two NFL seasons in Denver and led the Broncos to a surprising 2011 AFC West title after becoming the starting quarterback in October. He threw for 12 touchdowns and just six interceptions while rushing for six scores during the 2011 season and threw an overtime touchdown pass to beat Pittsburgh in the wild card round of the playoffs.
The Broncos, though, signed Peyton Manning after he was released by the Colts and soon after dealt Tebow to the Jets for a fourth- and sixth-round pick in last year's draft.
It has been speculated that the Jets waited until after this weekend's draft to release Tebow, hoping another team might offer a late-round pick for the former Heisman Trophy winner.