John Elway has a strong interest in signing Peyton Manning, so there is a good chance it could happen. If the deal does go through I see the Broncos KEEPING Tim Tebow.
Look, the Broncos know that Peyton Manning is not a long term solution. But, the Broncos have an outstanding defense, a good O-line, and some good receivers and could be a great QB away from being a Super Bowl contender. Since the Broncos have nearly 50 million dollars in cap room entering this season, they can afford to sign Manning in the short term.
So, signing Manning could help the Broncos win now, but what better situation for their future than to let Tim Tebow sit and learn from one of the greatest quarterbacks in NFL history for a couple of years? Tebow is a guy who is never going to stand up and argue about his role with the team, so he would go along with the move as well knowing that it would only benefit him.
However, if the Broncos do sign Manning I think that Elway will make a few phone calls just to see what teams might offer him for Tebow. The problem is that Tebow hasn't really proved yet that he can flourish in an offense that isn't directly put in place to fit his needs, and without a great defense like he had this year in Denver. So it is likely that teams won't want to take that big a risk and investment on a guy who is still so unproven. So, Elway would have a hard time trading him.
Therefore, the Broncos best option (if they signed Manning) would be to try to win right now with Manning and have Tebow learn from him to be successful in the future.
I am not a Tebow hater. I love Tebow and think he's great.