AP Tim Tebow

University of Florida quarterback Tim Tebow is coming back for his senior season. And although Tebow is apparently not valuable enough to NFL teams to jump ship after another national championship, there's still a whole lot of future that Tebow is risking by stepping out on the field for another run without a payday.

So I called Keith Lerner, whose Total Planning has insured hundreds of college players throughout the years. Lerner is based in Gainesville, Fla., which has helped him insure about 20 University of Florida players in recent years.

Lerner said he'd recommend that Tebow take out $5 million in insurance. It's not the maximum a college player has ever taken out, but it's probably the coverage Tebow could get. "I'd say he can get $3 million against the loss of NFL income if he got hurt," Lerner said, "and then another $2 million in off-the-field coverage."

It's not like Tebow would lose all of his endorsement and autograph potential if he gets hurt while playing next year, but there would be loss of value and he probably can't become the greatest college player of all time without another Heisman or national championship to his name. Lerner said $5 million worth of coverage would cost Tebow about $50,000.

Lerner famously insured University of Miami running back Willis McGahee, who tore three ligaments in his left knee in the national championship game in 2003. Thanks to the paperwork being completed five hours before, McGahee would have earned $2.5 million if he was never able to play in the NFL again.

Despite the injury, McGahee was still drafted in the first round by the Buffalo Bills.

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