Michigan TE Jake Butt Has $2M Loss-Of-Value Insurance Policy

[HotOffTheWire]

Darren Rovell reports that Michigan tight end Jake Butt has a $2 million loss-of-value insurance policy that began paying him once he was selected in the first half of the third round Friday night. According to Rovell, Butt collects $10,000 a pick and has already secured $150,000 by dropping out of the third round. Butt …
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