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New Orleans Saints sign Sheldon Rankins to $12.8 million deal

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Jamie Rhodes-USA TODAY Sports

Sheldon Rankins, who was recently drafted 12th overall by the New Orleans Saints, now has more money than you or I (well, at least me) will ever have in our lifetimes.

All players selected in the NFL Draft sign four-year contracts.

Under the current collective bargaining agreement, there little for draft picks to negotiate, as contracts are constrained by the rookie pool.

For the 12th overall selection, where Rankins was selected, the estimated overall rookie contract value is $12.8 million, including a $7.5 million signing bonus,according to OvertheCap.com. For Thomas, the 47th overall pick, the overall value is $5.12 million, including a $1.92 million signing bonus, according to the website.

Rankins is the fourth-highest draft pick in the history of Louisville football, and the fifth Cardinal in the last three years to hear his name called in the first round of the draft. He was the only U of L player drafted in 2016.