The former Heisman Trophy winner was considered expendable after Ryan Mallett secured his position as Tom Brady's backup, and now faces the task of landing with his fourth team in his third NFL season.
Tebow was considered a long shot to make the Patriots' roster. He played in two pre-season games, completing 7-of-18 passes for 90 yards.
Tebow was a rookie sensation for Denver in 2011, taking over the starting job in the second half of the season and engineering a string of comeback wins that carried the Broncos into the playoffs.
He was with the New York Jets the following season, where he was considered a bust and spent much of his time on the bench.