Cowboys' Smith receives $900K after sliding to 2nd round

Dallas Cowboys linebacker Jaylon Smith may not have too many regrets about falling out of the first round of the 2016 NFL Draft.

Smith, a standout linebacker at Notre Dame, collected a tax-free $900,000 after being selected 34th overall by the Cowboys on Friday, according to multiple reports.

Related: Jaylon Smith: 'Absolutely' a chance I'll play in 2016

The former Notre Dame standout took out an insurance policy that would pay him $700,000 if he was the first pick in the second round, with an extra $100,000 collected for every spot after the 32nd slot. Smith was widely projected to be a top 10 selection, but suffered a catastrophic injury during the Fiesta Bowl in January, tearing his ACL and LCL in a loss to Ohio State.

Ifo Ekpre-Olomu received $3 million from his loss-of-value insurance policy last year when he was drafted in the seventh round by the Cleveland Browns. Prior to suffering a severe ACL injury in 2014, Ekpre-Olomu was expected to be a first-round pick. The 22-year-old was released by the Browns, and promptly signed with the Miami Dolphins in April.