Prior to his injury in the Orange Bowl, Michigan tight end Jake Butt was trending towards being a second-round pick. He ended up being the first pick of the fifth round when the Denver Broncos finally nabbed him.
Falling that far in the draft certainly cost Butt some money. But thanks to an insurance policy detailed by ESPN’s Darren Rovell, he’s made up for a good portion of it.
“He first started collecting, at $10,000 a pick tax-free, in the middle of the third round, a source with knowledge of the policy with ISI told ESPN,” Rovell wrote. “By being passed over in the fourth round as well, Butt was set to receive $543,000 on the policy.”
Rovell also reported that the policy cost “roughly $25,000.”
Despite the injury, Broncos general manager John Elway was excited about the opportunity to draft Butt.
We were holding our breath these last few picks hoping to get Michigan TE Jake Butt. A top-notch TE we're fortunate to select in the 5th.
— John Elway (@johnelway) April 29, 2017
If Butt recovers from his torn ACL, this pick becomes an absolute steal. He was one of the best tight ends in the country throughout the 2016 season.
The insurance policy was certainly a smart decision and one that more legitimate NFL Draft prospects should consider. It certainly paid off in this case.