For accuracy purposes, you might even call it the Tebow error.
The Jets essentially admitted said error when the team announced his release on Monday morning (via ESPN).
"We have a great deal of respect for Tim Tebow," Jets head coach Rex Ryan said in a statement. "Unfortunately, things did not work out the way we all had hoped."
Wasted is the fourth-round pick they traded to get their hands on him. Gone is the $4.5 million they spent on him in his 13 calendar months with the team: $4 million in 2012 salary, $1 million saved in 2013 cap space and $1.5 million they still owe to Denver (via ESPN).
The consequences go much further than that.
Former offensive coordinator Tony Sparano never had a plan for how to use Tebow, and it cost him his job. Former general manager Mike Tannenbaum made several bad decisions in his time with the Jets, but trading for Tebow was one of the final nails in the coffin.
Now that it's over, though, everyone is better off.
On Friday, the Jets added quarterback Geno Smith to their growing stable of passers, knocking the number up to six. There's no way that all six were going to get reps in practice.
As beneficial as this is for the Jets, who have one less media headache to worry about, it's also beneficial for Tebow.
Before being released, he was drowning in the deep end of the six-man quarterback depth chart. Now, he gets to explore other options—that is, if there are any.
According to Adam Schefter of ESPN:
Adam Schefter @AdamSchefter
Jets had granted Tim Tebow permission this off-season to seek a trade. More than one team asked if were willing to play TE, but he was not.2013-4-29 13:12:25
Indeed, while Tebow was brought in to New York to do seemingly anything but throw a pass, he'll probably have limited opportunities at quarterback regardless of his next stop.
If he doesn't get picked up by an NFL team, there's always the Canadian Football League, or even the Arena Football League. Brett Bouchy, owner of the Arena Football League's Orlando Predators, extended an invite to Tebow prior to the draft.
Tebow won't be in the national spotlight in either of those leagues, but perhaps that's for the best. That way he has an opportunity to develop his skills as a passer without the constant scrutiny of media attention.
That is, unless ESPN decides to set up shop at Predators training camp.
As much as Tebow's time in New York was a lose-lose for both him and the Jets, his departure is a win-win.
Erik Frenz is also a Patriots/AFC East writer for Boston.com. Follow Erik on Twitter and "like" the AFC East blog on Facebook to keep up with all the updates. Unless otherwise noted, all stats obtained from ProFootballFocus.com, and all quotes obtained firsthand or via team press releases.