Michigan tight end Jake Butt has slipped to at least the fourth round, but he won't go without getting paid back for the fall.
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.