Whenever Jameis Winston decides to declare for the NFL Draft, he will likely be a top-five selection, and perhaps the No. 1 overall pick. However, there’s a chance that something happens that causes Winston’s draft stock plummets. Should that happen, Yahoo Sports’s Rand Getlin reports that Winston took out an $8-10 million large disability and “loss of value” insurance policy.
By doing this, Winston is the first returning Heisman winner to take out such a policy since Sam Bradford, who also carried a policy worth up to $10 million. According to the report, “Winston’s policy is based on a projection that he will be selected in the top 10 of the 2015 NFL draft and would theoretically pay out if he fell out of the first round due to injury or illness.” Paying for this could get a bit tricky, as Getlin says the premium on this plan could cost $55,000 to $60,000 a year.
That reality is largely due to the hefty premiums players have to pay out of pocket (often with the help of their families) to protect themselves. Policies the size of Winston’s can carry a $55,000 to $60,000 premium payment per year, which industry sources say most players have to obtain by financing.
As for what this means in terms of Winston declaring for the draft, Getlin thinks we should expect to see him declare sooner rather than later.
On Winston: sources say players who obtain large insurance policies prior to the season almost always enter the NFL draft at season’s end.
— Rand Getlin (@Rand_Getlin) July 1, 2014
Winston threw for 4,057 yards and 40 touchdowns en route to the Heisman Trophy and the Most Outstanding Player award in the BCS National Championship Game, which Florida State won, 34-31. The Seminoles will kick off their season on August 30, when the team travels to Arlington, Texas to face Oklahoma State.