The New York Jets are trading quarterback Zach Wilson to the Denver Broncos, according to NFL Network's Ian Rapoport.

Tom Pelissero of NFL Network reported the Jets are getting a 2024 sixth-round pick in return for Wilson and a 2024 seventh-rounder.

ESPN's Adam Schefter reported the Jets and Broncos will split the $5.5 million Wilson is owed, with each team paying him $2.75 million.

Wilson, the No. 2 pick in the 2021 draft, spent his first three seasons with the Jets. His tenure was an unmitigated disaster, with Wilson sitting high on the list of biggest draft busts in franchise history.

The Jets went 12-21 across Wilson's 33 NFL starts, and the BYU product threw for just 23 touchdowns against 25 interceptions.

While it was obvious the franchise was moving on from Wilson as a long-term piece when it acquired Aaron Rodgers last offseason, the 24-year-old was forced back in the lineup when Rodgers suffered a torn Achilles in Week 1. Wilson started 11 games in 2023, throwing for 2,271 yards and eight touchdowns against seven interceptions.

The Jets benched Wilson on multiple occasions, first in favor of Tim Boyle and then later in favor of Trevor Siemian.

After Wilson was benched permanently for the final stretch of the regular season, the writing was on the wall for his exit.

"I love Zach and I want what's best for Zach, and if he wants to be here and that's what's best for him, then obviously I would love to have that relationship for another year," Rodgers told reporters in January. "But I want what's best for him and where he wants to be, and sometimes a change of scenery, as I know, can be a breath of fresh air, and it's good to be able to have a new start sometimes."

ESPN's Jeremy Fowler reported the Jets began doing "legwork" on a trade in February.

Wilson will get a new start in Denver, where he'll almost certainly serve as a backup behind Jarrett Stidham. The Broncos are in a bit of a holding pattern at quarterback after releasing Russell Wilson.

Wilson is still young enough to eventually develop into an NFL starter, but at the very least, head coach Sean Payton now has a backup with 33 NFL starts under his belt.