Tim Tebow completed just six of eight passes last season for the Jets and failed to make an impact offensively.
Tebow arrived at the team facility Monday for voluntary workouts and was informed in a meeting with general manager John Idzik and coach Rex Ryan that he would officially be waived.
"We have a great deal of respect for Tim Tebow," Ryan said 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."
In what direction Tebow moves is anyone's guess. He will be on the waiver wire at 4 p.m. ET Monday.
An offense must be tailored to his shortcomings as a pocket passer and, barring a reunion with former Broncos' coordinator Mike McCoy -- now the head coach of the San Diego Chargers -- or a possible utility role in New England, Tebow might be forced to consider a position change or Canadian Football League opportunities.
Patriots' coach Bill Belichick is not only a fan of all-purpose veterans but is a close friend of Tebow's coach at Florida, Urban Meyer. Because of that relationship, the Patriots already have a detailed understanding of Tebow's strengths and where he might fit on a very solid roster.
If Tebow isn't claimed via waivers, the Jets will be docked $1.45 million against the salary cap.
The Jets drafted Geno Smith in the second round of the 2013 NFL Draft. The 39th overall pick joins Mark Sanchez, David Garrard, Greg McElroy and undrafted free agent Matt Simms on the quarterback depth chart.
Tebow was acquired via trade in March 2012 from the Denver Broncos as a read-option weapon the team would use as a complement to Sanchez, a dropback passer, under offensive coordinator Tony Sparano. The 25-year-old had resurrected a 1-4 team and guided them to the AFC West title and a playoff win over the Pittsburgh Steelers the previous season. He became expendable in Denver when Peyton Manning signed a five-year deal with the Broncos.
But the Tebow experiment never made it out of the lab in New York.
His main role was on special teams. Whereas Tebow had 660 rushing yards, six touchdowns and averaged 5.4 yards per carry in Denver in 2012, he had just 32 rushing attempts for 102 yards and completed six of eight passes last season for the Jets.
Tebow's roster spot with the Jets was in peril when the Jets fired Sparano and general manager Mike Tannenbaum, who orchestrated the move for Tebow.