Report: Ifo Ekpre-Olomu to be first to collect loss of draft value insurance

Ifo Ekpre-Olomu, a former cornerback for the Oregon Ducks, will become the first player to receive money from loss of draft value insurance, reports Dennis Dodd of CBSSports.com.

Ekpre-Olomu was expected to be a first-round draft pick in 2015, but sustained a torn ACL injury that left him sidelined for the College Football Playoff. Ekpre-Olomu was eventually drafted by the Cleveland Browns in the seventh round as the 241st pick.

Keith Lerner, the head of Total Planning Sports Services—which provided Ekpre-Olomu with the policy—told CBS Sports that the “claim is close to getting paid.” Ekpre-Olomu, 22, should receive a $3 million claim in 30 to 60 days, Lerner said.

Players receive loss of draft value claims if they fall one round lower than projected by draft panel experts. Schools pay insurance premiums for select student-athletes.

Ekpre-Olomu is expected to be out for the 2015 NFL season as he recovers from his knee injury.

• ELLIS: Week 5 college football viewing guide

- Beth Maiman