Updates from Monday, August 4
A Florida State spokesman confirmed to ESPN.com on Monday that the university is paying for the reigning Heisman Trophy winner's loss of value policy with the school's Student Assistant Fund. The spokesman did not provide a specific number as to how much the university is paying. The website Tomahawk Nation, which first reported the news, said Florida State will pay a premium in the $55,000 to $60,000 range.
Florida State quarterback Jameis Winston has reportedly purchased an insurance policy that will pay him between $8 million and $10 million if an injury or illness forces him out of the first round of the 2015 NFL draft.
Yahoo Sports' Rand Getlin provided the news, noting that Winston is the first returning Heisman Trophy winner since Sam Bradford in 2008 to purchase a similar plan.
He provided more details:
According to Getlin, an insurance policy of this nature has a steep premium of $55,000 to $60,000 per year. While it isn't known how Winston himself will cover that cost, Getlin notes that most collegiate athletes who take this route use financing.
You don't have to go very far back in history to find an example of how this sort of plan can be beneficial.
USC wide receiver Marqise Lee purchased a total disability insurance policy last August, and when he slipped to the second round in the 2014 draft after suffering an MCL sprain, he collected somewhere in the range of $5 million.
Most likely, nothing comes of this. Players such as Jadeveon Clowney and Johnny Manziel had insurance plans that didn't pay off. Still, when it comes to Winston, who is projected as a top-10 pick after an electrifying redshirt freshman season, it's better safe than sorry.
Moreover, as Getlin noted, this likely means that Famous Jameis won't be staying in Tallahassee past his sophomore season:
It has always been assumed that Jameis would throw his name into the 2015 NFL draft hat, but his father, Antonor Winston, recently told AL.com's Jeff Sentell there was a different plan in place:
"We want Jameis to succeed with one more year in baseball and two more years in football," he said. "We've never strayed from our plan that he is going to be in college until he gets that degree."
Taking out this kind of policy suggests otherwise, however.
Either way, the two-sport athlete can feel safe knowing that his future is protected from an unpreventable injury.