Ifo Ekpre-Olomu was an All-American at Oregon and projected to be taken in the top half of this year's NFL Draft. A bad knee injury dropped him to the seventh round, but a wise decision reportedly netted him a seven-figure insurance claim.
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Much has been made in recent years about so-called loss of value policies — insurance policies collegiate athletes take out on themselves, designed to pay income lost if an injury causes that player to drop in the draft.
According to multiple reports, another name from the 2015 NFL Draft — but one called much, much later than the names above — also had such a policy and just collected on it big time.
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Cleveland Browns cornerback Ifo Ekpre-Olomu, selected in the seventh round out of Oregon, collected $3 million Monday, ESPN reported. According to the Darren Rovell report, that is the largest sum ever collected by a player on such a policy.
The injury led to his falling all the way to the seventh round, where the Browns selected him No. 241 overall. It was learned after the draft that the DB also suffered a dislocated knee and that he will likely miss all of this season.
According to NFL.com, the $3 million claim was triggered when Ekpre-Olomu was not selected by the conclusion of the third round.
The ESPN report said that the specifics of exactly how much Ekpre-Olomu will collect from the policy were unclear; while he paid most of the premium, the University of Oregon also contributed to the cost, which could affect what taxes, if any, Ekpre-Olomu must pay.
Redd went undrafted in 2014 after injuring his knee late in the 2013 season at USC. He played sparingly in Washington last season after fighting to make the team, then was placed on season-ending injured reserve after injuring his knee this preseason against Cleveland.