Finley recently told USA Today he is waiting for an offer to exceed his $10 million policy.
"As long as I wait, you know and I know, guys are going to go down and the money's going to shoot up," Finley told the newspaper. "It's all a waiting game right now."
Just because the football pro has the insurance policy doesn't necessarily mean he'll automatically be able to collect the $10 million. However, former NFL player Jack Brewer, who owns the investing firm The Brewer Group and considers Finley a friend, believes Finley has a good case.
"You have to have a catastrophic, a major injury that really affects your ability to play on later in your career," Brewer said. "In Michael's case … he had a very substantial injury and so in his situation it would be very hard not to compensate him."
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Brewer sells sports disability policies via Lloyds of London. He said it's becoming more common for athletes to purchase the policies, not only to protect themselves from career-ending injuries, but from loss of value on their contracts as well.
As for Finley's future, Brewer's advice is to sit the game out.
"He's a player that can go on and do other things off the football field. He's very intelligent; he has his future head of him. I want to see him play with his kids. Whenever you experience a situation like that, you walk on," Brewer said.
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—By CNBC's Michelle Fox. CNBC's Kerima Greene contributed to this report.