Per the source, Jacobs replaces Marty Garafalo, who previously served as Cutler's "business manager."

The source explains that Garafalo was heavily involved in Cutler's affairs, including the creation of his foundation -- and its transfer to Cutler's new home of Chicago.

In fact, we're told that Garafalo traveled to Chicago to help Cutler with various matters relating to the move from Denver. And then, once Garafalo returned to Denver, he was fired.

By text message.