Willis McGahee was carried off the field a lucky man.

Despite tearing two ligaments in his left knee during the Fiesta Bowl and effectively dashing his hopes of playing in the NFL, at least for the season ahead, the University of Miami's star running back could cash in on a $2.5 million, tax-free insurance policy if his football playing days are over.

	Willis McGahee's football future may be in doubt, but his financial secured was insured.

With big money on the line, more and more athletes in college football and basketball are considering insurance to protect their future value. Today, about 90 percent of projected first-round NFL draft picks are covered in their final year of college, according to Mark Idelson of American Sports Underwriters International, which administers the NCAA's Exceptional Student-Athlete Disability Insurance Program.

Under the NCAA's program, about 100 elite athletes, mostly football players, are loaned money by the organization to pay off insurance premiums. Athletes are eligible if three scouts come to a consensus that the athlete will be selected in the first three rounds of the NFL Draft. Similar policies cover a college hockey player projected to be selected by the third round of the NHL draft, and potential first-round draft choices in the NBA, WNBA and Major League Baseball.

Underclassmen like McGahee usually don't begin the season with coverage because the scouts have not yet determined if they would be drafted in the first three rounds of the NFL draft. However, athletes may apply at any time during the season if they believe their elevated draft status warrants more coverage.

The average cost of the premium is between $10,000 to $15,000 per $1 million insured, Idelson said. Costs fluctuate mostly based on position. Offensive lineman can get less expensive policies, while running backs and linebackers usually have to pay a bit more.

"We never want student-athletes to have debt because of something like this," said Juanita Sheely, travel and insurance coordinator for the NCAA. "This isn't a cheap insurance program. If an athlete wants to get $2 million to $3 million in coverage, it's going to cost $20,000 to $25,000."

Sheely said there may come a day when athletes will not have to pay back a loan. A couple of years ago, there was a proposal that suggested that the NCAA pay the premium for insurance policies on qualifying elite athletes. The NCAA Division I Board of Directors has tabled the proposal for now, Sheely said.

"The elite athletes morally deserve this insurance," said Dennis Burns, vice chairman of Pro Financial Services, who has been insuring college athletes since 1983. "These kids are not compensated and if they get hurt, it's like having a winning lotto ticket and then watching it blow down the sewer."

Athletes who are denied inclusion in the NCAA's program, believe their premium isn't the best rate or want additional insurance can go to individual insurance companies. Burns says he believes less than 50 percent of Division I-A football players who have pro potential are currently insured.

"If someone is going to be getting a $20,000 or $50,000 signing bonus, it doesn't pay to insure them for $250,000," Idelson said. "That's why guys that fall in sixth and seventh round aren't insurable. There's not a lot of future value to protect."

Penni Key, associate athletics director of compliance at the University of Miami, says the university does its share to help its elite athletes know that policies are available and also helps compare premiums among underwriters.

But Key says that although signing bonuses are getting larger among the top picks, insurance coverage is not.

Top five NFL draft picks usually can get about half of their potential signing bonus insured. McGahee's tax-free $2.5 million is worth about $4 million, before taxes -- roughly equivalent to half the average signing bonus among the top five players selected in the NFL draft.

Tim Couch increased his insurance coverage from $1 million to $3 million before he played his senior season at the University of Kentucky. When he was picked No. 1 in the NFL Draft in 1999 by the Cleveland Browns, he received a $12.25 million signing bonus.

Most policies are written for one year and include 24-hour coverage, usually excluding accidents caused under the influence of drugs and alcohol, flying as a pilot and self-inflicted injury. The policy becomes null and void when the athlete signs a pro contract, although some policies -- like McGahee's should he somehow choose to go pro now -- include a rehabilitation clause, where the athlete can try to make a comeback for a certain amount of games.

Athletes collect if the injury plays a part in ending their football career under the policy's lifespan. No money is collected for loss of value, where a player slides in the draft because of a particular injury. Because of the subjectivity associated with loss of value insurance, the option is rarely included in the college insurance plans of today.

There aren't many underwriters, insurers and lenders in the college business. It's not hard to see why.

"If you ensure 25 potential first-round draft picks, paying about $12,000 apiece for $1 million coverage, that's $300,000," said William Jacka of Molton, Allen & Williams, which provides additional catastrophic injury insurance to 25 Division I-A institutions, including Notre Dame, Ohio State and Nebraska. "The likelihood is pretty good that for $1 million a pop, one of them will go down."

Since elite athletes often do not have the money to cover the premiums, loans are based on the athlete's estimated future earnings. "It's all based on potential," said Mike Ertel of The Jacobs Company, which offers insurance for college athletes. "It's like saying, 'There's this guy coming out of law school and he has potential to be the greatest litigator ever.' "

Premiums usually go up a little bit each year, but because insurance companies have been more restrictive on policies since the Sept. 11 terrorist attacks on New York and Washington, D.C., premiums have risen even more, said Megan Cozad of ESIX Entertainment & Sports Insurance. Burns said he believes the rising premiums have more to do with the number of claims in the sports world over the past couple of years.

Darren Rovell, who covers sports business for ESPN.com, can be reached at darren.rovell@espn3.com