Tebow made it past the Patriots' initial round of cuts Friday, but the team still had 12 players to cut to get down to the 53-man maximum by Saturday's 6 p.m. ET deadline.
In his final preseason game for New England on Thursday against the New York Giants, Tebow was 6-of-11 for 91 yards, two touchdowns and one interception. He also ran for 30 yards on six attempts, and he was sacked four times.
His completion percentage in three preseason games (he did not make it off the bench in the third preseason game) was 36.7 percent, and he had a 47.2 quarterback rating.
The Patriots have traditionally gone with two quarterbacks on their roster, and Ryan Mallett is securely the Patriots' No. 2 behind Tom Brady. Tebow has too much NFL service time to be eligible for the Patriots' (or any team's) practice squad.