Broncos and Tebow agree on a contract

NEW YORK (Reuters) - The Denver Broncos and rookie quarterback Tim Tebow agreed to a contract on Thursday, the National Football League team said.

The 2007 Heisman Trophy winner out of Florida agreed to a five-year, $33 million deal with $8.7 million guaranteed, according to local media reports.

Taken with the 25th overall draft pick by Denver in this year's draft, Tebow will battle incumbent Kyle Orton and Cleveland Browns castoff Brady Quinn for the starting assignment.

Tebow set five NCAA records at Florida, throwing for 9,285 yards and 88 touchdowns in his four seasons with the Gators. The rugged quarterback also ran for 2,947 yards and 57 touchdowns.

(Writing by Steve Keating in Toronto, Editing by Steve Ginsburg)