The Patriots have signed Tim Tebow to a two-year deal with no guaranteed money, according to ESPN.
A low-risk (or really a no-risk) deal for the Patriots makes sense, since Tebow had gone unsigned for some time and it seemed as though teams around the league weren't all that eager to give him a shot. By not guaranteeing any portion of his salary, the Patriots can choose to release him at any time and it doesn't hurt them in the least.
On the other hand, that Patriots signed him to a two-year deal has some significance. If Tebow shows that he can provide the team some value going forward this season, he's under their control for another. Again, it's a no-lose kind of scenario for the Patriots.
ESPN is reporting that it's "likely" Tebow makes the team out of training camp, though that's not a given at this point.