It's a move that we all should have seen coming. The Patriots prefer to keep two quarterbacks on their roster. And with Ryan Mallett firmly entrenched as the number two, Tim Tebow simply did not show enough to be kept around as a developmental third string option. The Patriots didn't work with Tebow on special teams or any other positions, and if the Patriots did keep him around, he likely wouldn't have suited up as part of the 46-man active game day roster.
That being said, Tebow's stint with the Patriots likely helped his stock around the league if someone else were to give him another chance. He showed that on a good team with a clear-cut starter and strong coach, he can keep a relatively low profile.
It's also possible that the Patriots could give Tebow another shot sometime down the line if no other team picks him up. Considering the interest he received around the league this offseason, he will likely still be available in March.
But for now, the Patriots and Tebow have parted ways. And it's guaranteed to be the biggest news story that everyone should have seen coming.