The first reports about Tim Tebow‘s contract were not exactly accurate. He will not be making $33 million (which would have been a huge amount for the 25th pick). Gregg Rosenthal breaks it down:

Turning water into wine might be easier than turning Tim Tebow’s five-year contract into a $33 million deal.

The Broncos signed the No. 25 overall pick to a contract with a base package of $11.25 million, and an “absolute maximum” of $33 million.

To get close to all that money, a source with knowledge of the situation said Tebow will “have to make Peyton Manning look like a fool.”

Tebow’s incentives are broken down into playing time and performance escalators. If Tebow can reach every playing time trigger and become the consistent starting quarterback (possibly soon), he could make up to $24 million over five years.

Another $9 million is tied up in escalators for difficult goals like Pro Bowls, playoff wins, and Super Bowl appearances.

Our understanding is that Tebow’s camp was willing to take $11.25 million as the base salary because they expect he will become the starting quarterback and that number will become moot.

Now all Tebow has to do is prove Josh McDaniels right, and prove just about everyone else wrong.

Tebow’s First Day of Practice
Tim Tebow took his first practice on Friday. He went through drills focused on footwork and fundamentals. Tim did get a chance to toss some balls to the early reporting receievers but did not get any reps from under center during passing drills.He was focused on run plays and handing the ball off.