Butt, who tore his ACL in the Orange Bowl against
Florida State, has a $2 million loss-of-value policy that he started collecting insurance on when he wasn't picked in the top half of the third round Friday night.
He first started collecting, at $10,000 a pick, in the middle of the third round, a source with knowledge of the policy with ISI told ESPN. By the end of Friday night's third round, the policy had covered about $150,000.
Butt took out a $2 million total disability policy with a $2 million loss-of-value policy attached before the start of the season. The loss-of-value rider cost roughly $25,000, a source said.
Loss-of-value policies have gained popularity over the past five years. The players who have most famously collected from their draft stock falling have been
Oregon's Ifo Ekpre-Olomu, who made $3 million in insurance after tearing his ACL and dropping to the seventh round in 2015, and
Notre Dame's
Jaylon Smith, who collected $850,000 from his fall to the second round after teams passed on him following ACL and MCL tears. Both policies were also with ISI.