ESPN's Adam Schefter is reporting that Tim Tebow signed a $300,000 deal with Nike, with incentives. Of course, Tebow is familiar with Nike as he wore it in high school too. Schefter puts the deal at just under 300k, while the rookie minimum is $325,000 this season. CNBC's Darren Rovell says the top pick, possibly Sam Bradford, will get more cash.
It is guessing, but the incentives could be anything from when Tebow is drafted (1st rounders being more popular), where he goes (buying power of various NFL markets) and games played. I would be interested to see if Nike and Florida start selling No. 15 Gator jerseys and if Tebow gets a cut of that. Since Tebow is a professional, his name can be used on jerseys and promotions (like the cover of EA Sports' NCAA Football 11).
A lot of athletes have low dollar endorsement deals, so do not expect a Tebow line of shoes or awful graphic t-shirts. You might see Tebow running with a random English band playing in the background to promote a style of Nike cross trainers. However, if Tebow is drafted by the Bills and leads them to the playoffs, you'll be able to get one of those graphic t's online or at Upstate New York department stores.