Jake Butt slipped to the Denver Broncos in the fifth round at No. 145 overall but will receive compensation for his loss of value.
Butt suffered a torn ACL in the Orange Bowl.
Butt had taken 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.
Butt first started collecting, at $10,000 a pick tax-free, in the middle of the third round. Butt was set to receive $543,000 on the policy.
Butt was the 2016 Mackey Award winner for the best tight end in the nation.