While I'm sure there are probably some QBs on rosters in the NFL that Tebow could do better than, I think it's really generous to assume he's going to give you a 2 to 1 TD/INT rate going forward. In 2011, he had 1 pick in his first 7 starts, then 5 in his last 4 against 2 TDs. When he was forced to throw a lot, he threw picks. He also takes a ton of sacks - some of that could be on the O-line, but I think a lot of it is slow release and him trusting his ability to escape way more than he should.
I think he's borderline roster material without the circus, and the circus just seals it.