University of Texas quarterback Colt McCoy is regarded as one of the top prospects for the 2010 NFL Draft.
And just in case he suffers a career-ending injury during his senior year, McCoy has obtained some hefty financial protection.
According to Joe Schad of ESPN.com, McCoy has taken out an insurance policy with a payout ranging between $3 million and $5 million.
“The premium is astronomical,” McCoy’s father, Brad McCoy, said. “But the payback in the event of a catastrophe puts the monetary value there. We felt it was the prudent thing to do.”
It makes sense.
When you’re talking about potentially making millions of dollars playing a sport where major injuries are commonplace, why take a chance?
McCoy was the runner-up in the Heisman balloting last season.
He owns the Longhorns school records for most career touchdown passes, career passing yards, victories, total touchdowns as well as several other passing marks.
McCoy also rushed for 11 touchdowns last season and was named Big 12 Offensive Player of the Year.
BIG mistake. This guy does not have the arm strength to make it in the NFL, and that will be exposed this year when endless tape of McCoy is broken down. He’s a product of the Longhorns’ spread offense.
what a joke! this guy is a 4th rounder at best and then a back-up journeyman. Hilarious!
Is there any way you can find out what the actual premium was and actual specifics in the policy?
That can’t be a deferred premium, so who is writing the check?
Wow, did he ever dupe the insurance company! Dad won’t be too happy when he is making 6th round money next year…
Who says he is a top prospect for next year?
His upside is Chad Pennington.
I’m surprised we don’t hear about more players, whether at the college level or professional level, doing this.
It’s nice to see someone make the sacrifice now so they can protect their investment later.
Why so much hate on Colt McCoy? Sure he might not be a premier QB in the NFL, but if Josh Freeman from K-State was a 1st first round draft pick, it’s not too far fetched McCoy will be one.
A simple google of : “Colt McCoy” “Draft Projection” will bring you countless sources that say he would be a 1st round projection. You don’t have to like Texas or whatever, but he’ll be one of the top 3 qb’s taken next year.
Auntie Em, is this PFT or CFT?
My thoughts exactly IStateYourName…
What does this “article” have to do with Pro Football?
Maybe we can get an article about Florio’s preseason college football rankings next.
what a surprise…another wilson story that i read about 10 days ago somewhere else
What does this “article” have to do with Pro Football?
It has “NFL” in it. That’s all I can see anyway.
Chris Simms…BUST
Vince Young…ON HIS WAY TO BUSTVILLE
Colt McCoy… BUST
This sounds suspicious…
A 3 to 5 Million dollar insurance pay out, on a COLT with talent who may not make it?
Hey! If it happened to “Pie-Oh-My” it could happen to any talent.
If there is a fire in the Texas locker room this year, Ralph did it.
Colt McKoy=Rex Grossman!
# as big as a hat says: July 26, 2009 9:27 PM
That can’t be a deferred premium, so who is writing the check?
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Ever heard of “alumni”?
This boy was bred to be a Longhorn. The name “Colt” just cracked me up first time I saw him in a UT uniform. It’s all so pretentious. The kid will have a tough time in the NFL.
Sports Illustrated did a story on insurance premiums for seniors about a month ago. From that story the tipical policy is for 1 million and costs around $50,000 for the year. Most prospects borrow money with their families under the assumption that future earnings will cover the premium. Sorry I don’t have the link.
insurance against future earning, borrowing something like 50,000 to pay for it. Millions for the schools via tv rights, games based on players, and this based on players being students in college. Lets just pay the players now. They are all pro’s anyway.
@botchedextrapoint
What if they pay $50,000 for the policy and he gets cut before the season starts by his NFL team?
Sounds to me like the McCoys are putting the cart in front of the “Colt”!