Broncos Executive Vice President of Football Operations John Elway said at Peyton Manning‘s introductory press conference Tuesday that trading former starting quarterback Tim Tebow is “a possibility,” and that he had told Tebow that in a phone conversation Monday.

“Coach [John] Fox and I called Tim last night and talked to him about it,” Elway said of the situation. “I think that having been in this game for as long as I have and seen as many friends as I’ve seen in this game that all of a sudden are there one day and gone another or retire and leave, that this is a tough business. I want to tell you that the toughest thing about this whole thing is Tim Tebow because of what I think of Tim Tebow.

“The things that he did last year was tremendous and helped turn this organization around from a 4-12 team to a playoff team and winning the division. I’ve got a great deal of respect for him as a person and the things that he does, but that is no question the toughest thing about this business, is the personal side. We just had to make a decision as an organization — myself, coach Fox, the personnel department, the coaches [as to] what would be the best opportunity for the Denver Broncos to be competitive for a world championship, and Peyton Manning was that. That’s why we chose to go in that direction.”

Added Elway: “Obviously he was disappointed. I’m sure he was disappointed. He didn’t come out and say he was disappointed. I think it was a typical Tim Tebow response in the fact that it was very positive, and he said, ‘Well we’re talking about Peyton Manning and I understand exactly what you’re doing.’”

Elway noted that he has yet to enter into trade talks with other teams regarding Tebow.

Manning said that no matter what happens with Tebow, he will support the 2010 first-round pick, whether as a teammate or otherwise.

“Let me just say this: I know what kind of player Tim Tebow is, and what kind of person he is — I’ve gotten to meet him personally one time — and what an awesome person he is,” Manning said. “If Tim Tebow is here next year, I’m going to be the best teammate I can be to him, and he and I are going to help this team win games. If other opportunities present themselves for him, I’m going to wish him the best. He’s going to be a great player wherever he is.”