Does the winner of the Heisman trophy get paid? How much is the prize worth?

On Saturday, we will find out who wins this year’s Heisman Trophy Award. The favorite going into Saturday is Indiana Hoosier QB Fernando Mendoza. Two other quarterbacks have been named as finalists: Diego Pavia of Vanderbilt and Julian Sayin of Ohio State University. The fourth candidate is Jeremiyah Love, also from OSU.

The prestigious award is presented annually to the “outstanding college football player in the United States, whose performance epitomizes great ability combine with diligence, perseverance and hard work”.

Is there a cash prize for winning the Heisman Trophy?

Winning the trophy also come with other add-ons - not only does it give a player a head start in their professional career, there are multiple financial benefits from opening up sponsorship and endorsement deals as well as other lucrative opportunities. However, there is no cash prize for winning.

Take the 2023 winner Jayden Daniels for example. He was selected by the Washington Commanders as the overall second pick in the 2024 draft. He signed a four-year contract worth $37,746,650 including a $24,272,108 signing bonus. Daniels, who turns 24 later this month, also signed brand endorsement deals with Dr. Dre, Powerade, and Raising Cane’s in 2023 which shows how winning the Heisman Trophy can boost a player’s profile dramatically.

We will find out the identity of the 2025 Heisman Trophy winner on Saturday night, and while there may be no cash prize up for grabs, the doors of opportunity are sure to open for whoever wins.