He made the Arena Football league last for 2 years after they were going to shut it down. When he saw it couldn't be salvaged, he was willing to dump it.
His steak houses are among the most respected and constantly filled in the Denver area
His car dealerships are/were REMARKABLY respected in the Denver area. So much so, that he sold them for almost 100 million, and then was wise enough to know he could do it all over again, and sell again in 2020 or so. He is a VERY shrewd business man. And he knows what sells.
For now, he is willing to let Tebow-mania work for his team, knowing that whomever he gets to QB the team, without MAJOR upgrades to numerous positions, they likely are not Super Bowl contenders. Playoffs, yes. Super Bowl, no. So, let Tebow try to show what he could do this year. Elway saw what we all saw. A guy who when given a chance to win a game because the other team screwed up badly allowing the Broncos to remain in the game, or the defense of the Broncos played so well despite Tebow to allow Denver to stay in the game... found a way to win. Otherwise (other than the Steelers & Vikings games), he was totally overmatched. But, since they went 8-5 with Tebow and 1-4 without him this season, the fans love him. And he will actively search for someone who he thinks can get Denver to a championship level while Tebow tries to become a more accurate throwing QB. And knowing Elway... he will likely find that guy. I dont doubt that Denver will have a playoff/Super Bowl worthy QB before opening day 2013. And his name wont be Tim Tebow.