The New York Jets reportedly may have cost themselves tens of millions of dollars by simply failing to insure Aaron Rodgers’ contract.
New York acquired the four-time league MVP in a blockbuster trade with the Green Bay Packers this past offseason. Unfortunately, the future Hall of Famer suffered a torn Achilles just minutes into his Jets debut on Sept. 11 against the Buffalo Bills.
According to a report from Daniel Libit and Eben Novy-Williams of Sportico, the Jets turned down several insurance policies on Rodgers’ contract. The failure to insure his deal could cost the team more than $20 million, the report noted:
“After the New York Jets signed Rodgers to a new, fully guaranteed $75 million deal this offseason, his new team took a different approach. The Jets were offered multiple insurance policies for the 39-year-old’s contract, according to people familiar with the situation, but ultimately chose not to purchase one. The decision, consistent with the Jets’ recent approach to contract insurance, potentially cost the team $20 million-plus in insurance proceeds once Rodgers tore his Achilles tendon in the first game of the season…
Insurance terms can vary dramatically depending on the age of a player, his position, and prior injuries. Sources say that in the Jets case, the policies offered had premiums ranging from roughly $1 million to $4 million, with the upper-end options covering around 60% of the $37 million (or $22 million) that Rodgers was guaranteed this year.”
Rodgers was seen walking around the Jets’ locker room without the use of crutches ahead of the club’s Week 4 home game against the Kansas City Chiefs two weeks ago. The soon-to-be 40-year-old has been vocal about his idea of pulling off a miraculous recovery with the hope of returning at some point this season.
With Rodgers out, the Jets have turned to 2021 second overall pick Zach Wilson to carry the offense. The BYU product has struggled early, however, completing 61.1 percent of his passes for only 911 yards, four touchdowns and five interceptions.
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The Jets snapped a three-game losing streak with a 31-21 win over the Denver Broncos last Sunday. They’ll try to get back to .500 when they welcome the Philadelphia Eagles on Sunday.
