Tim Tebow's recently announced contract with the New England Patriots is for two years and has no guaranteed money, reports ProFootball Talk.
The contract puts the Patriots at minimal risk with the former Jets quarterback. From the ProFootballTalk report:
In other words, there’s really nothing that can go wrong for the Patriots: If Tebow shows in training camp and the preseason that he isn’t good enough, the Patriots will cut him, having spent nothing. If Tebow shows promise this year, they can keep him into next year without having to deal with all the questions about whether or not he’ll stay into 2014, which would have come up if they had signed him to a one-year deal.
Albert Breer had additional details on the contract:
Tebow may also have some trade value depending on his performance this season. He'll be reunited with Josh McDaniels, New England's offensive coordinator who was the Broncos' head coach from 2009-10. McDaniels drafted Tebow in 2010 (no. 25 overall).