Reports: Jameis Winston plays it safe, takes out $10 million in insurance

Jameis Winston likely would have earned millions had he been allowed to enter last May’s NFL Draft. Apparently, he just guaranteed he will be a millionaire, even if his handshake with Roger Goodell never comes.

According to multiple reports, the reigning Heisman Trophy winner and national champion recently purchased a disability and loss-of-value insurance policy worth somewhere in the neighborhood of $10 million.

According to ESPN, the policy is indeed worth $10 million and is equally split between a permanent-disability policy and loss-of-value policy.

The difference in the two is that the disability policy would pay if Winston is injured and never plays again, while the loss-of-value policy would pay should Winston fall in the draft because of injury or illness.

Yahoo, the first to report the existence of the policy, said the loss-of-value policy is based on the projection Winston will be a top-10 pick in the 2015 Draft. According to the report, the policy "would theoretically pay out if he fell out of the first round due to injury or illness."

According to a source in the Yahoo report, the last time a Heisman winner returned to college and purchased loss-of-value coverage before the subsequent season was 2009, when Oklahoma QB Sam Bradford purchased it. Coincidentally, Bradford suffered a serious shoulder injury in the first game of the 2009 season and ultimately played in only three games. The policy was moot, however, as he was still the No. 1 overall pick by the St. Louis Rams in the 2010 Draft. He signed a six-year, $78 million contract ($50 million guaranteed) before ever playing a down in the NFL.

Subsequent changes to the NFL’s collective bargaining agreement put a limit on the value of rookie contracts, meaning Winston would not be in line for nearly that type of windfall, even if he is the No. 1 overall pick next year.

Winston’s father, Antonor Winston, recently said his son’s plan is to remain at Florida State until he earns his degree. But Yahoo reported that industry experts say underclassmen who purchase such large insurance policies "almost always enter the NFL draft following the season for which they purchased coverage."

According to Yahoo, the type of policy Winston is carrying typically carries a $55,000 to $60,000 annual premium.