Darren Rovell reports that Michigan tight end Jake Butt has a $2 million loss-of-value insurance policy that began paying him once he was selected in the first half of the third round Friday night.
According to Rovell, Butt collects $10,000 a pick and has already secured $150,000 by dropping out of the third round.
Butt took out a $2 million total disability policy with a $2 million loss-of-value policy attached before the start of last season, which cost him roughly $25,000, according to Rovell.
Before he suffered an ACL injury last year, Butt was considered a first-round talent and one of the best tight ends in a very deep class. ACL injuries typically keep a player out around 9 months or so, Butt would have a hard time being ready for the start of the 2017 season.
Even so, it’s very likely we’ll hear his name called on Day 3 of the draft and possibly during the fourth round.
During his college career at Michigan, Butt has caught 138 passes for 1,646 yards receiving and 11 touchdowns over the course of 43 games.