Peyton Manning is officially a Denver Bronco -- which means Tim Tebow's out of a job.
Broncos owner Pat Bowlen just made the announcement alongside John Elway -- a deal worth a reported $96 million over 5 years, making Peyton the highest paid player in the NFL.
John Elway made it clear ... the Broncos are not a Super Bowl caliber team with Tim Tebow.
Now that the acquisition's official -- the Broncos will be trying to trade Tebow ... though it's unclear where the 24-year-old will be headed.
Several teams have reportedly been in discussions about snagging Tebow -- who led the Broncos on a tumultuous ride through the playoffs last season -- including the Jacksonville Jaguars, Green Bay Packers, Miami Dolphins, and New York Jets.