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

On Monday, the four finalists for this year’s Heisman trophy were revealed: Colorado CB/WR Travis Hunter, Oregon QB Dillon Gabriel, Boise State RB Ashton Jeanty and Miami QB Cam Ward.

Voting also closed on Monday so one of the four will be crowned winner of the 2024 Heisman trophy at the Lincoln Center in New York City on Saturday.

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 last year’s winner Jayden Daniels for example. He was selected by the Washington Commanders as the overall second pick in this year’s 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.

Colorado’s Travis Hunter and Boise State’s Ashton Jeanty are the big favorites to lift this year’s Heisman trophy.

Hunter finished the year leading the Big-12 with 92 receptions and 14 receiving touchdowns, and ended second in the conference with 1,152 yards.

Jeanty meanwhile compiled 2,288 rushing yards and 28 touchdowns on 312 attempts, climbing into fifth on the all-time NCAA single-season rushing list.

We will find out the identity of the 2024 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.