Stallone's been well on-record with his love for Tebow ... predicting to TMZ Sports that Tim would make the final 53 man roster when we got him out in Beverly Hills last week.
Well that didn't happen ... Tim was cut from the Eagles' roster this past Saturday and when we ran into Stallone again in Beverly Hills, (the man likes what he likes), he was none too pleased about the decision.
"Everyone freakin' blew it, it's a mistake. He's an underdog, like Rocky."
Check out the clip -- Stallone goes on to say it's not over for Tebow ... telling our guy Timmy is a "late bloomer" who could still figure out the NFL.
Good news for Tebow? When we asked Stallone what Tim should do now that his on-field future looks pretty bleak ... Sly had a very interesting answer.
"Come to Hollywood."