Nearly one out of six NFL players will declare bankruptcy within 12 years of retiring from the league , a shocking new study has revealed . The rate of bankruptcy , 15.7percent - remained the same no matter how long the players were in the league or how well they were paid , according to researchers from the California Institute of Technology , George Washington University and the University of Washington . Despite earning millions of dollars - sometimes tens of millions - former players go broke at about 1.1percent per year , the same rate as the rest of Americans . Bleak future : Despite NFL players earning millions - sometimes times of millions - over the course of their careers , nearly 16percent of players are bankrupt within 12 years . Vince Young earned a reported $ 64million in salary and endorsement deals - but was bankrupt before he even finished his NFL career . Widely reported rumors say he spent $ 5,000 a week at Cheesecake factory . Though bleak , the 15.7percent figure found by the researchers , is dramatically lower than a widely quoted statistic that 78percent of retired players are bankrupt or under 'financial stress ' within two years of leaving the league . The figure comes from a 2009 survey by Sports Illustrated . Often , when athletes go broke , it 's because of unimaginable extravagances , bad investments and massive child support payments . This , despite the fact that the average player makes $ 3.2million over the course of a career . Defensive tackle Warren Sapp played 13 seasons in the NFL and made more than $ 82million . He retired in 2007 and filed for bankruptcy in 2012 - citing several failed business ventures . Bankruptcy remained at similar rates even among players who had long , profitable careers in the sport - though it was highest for those who stayed in the league for five years - and lower for those who were in it for more than a decade . Michael Vick , who made more than $ 130million , is still playing has he attempts to pay off his $ 18million bankruptcy debt from 2008 . When his estate was sold at auction , he had a lionskin rug and 240 pairs of sneakers . He also owed more than $ 75,000 a month in child support for his six children ( with five different women , ) Quarterback Vince Young 's played his last NFL game in December 2011 . He filed for bankruptcy in January 2014 - despite earning $ 34million in salary and another $ 30million in endorsement deals . Widely reported rumors that emerged after he first began having financial trouble in 2012 claim that he spent up to $ 5,000 a week at Cheesecake Factory and racked up a $ 6,000 tab at TGI Friday 's . Young also blamed investment advisers who he claimed took advantage of him . Quarterback Michael Vick filed for bankruptcy in 2008 - in the middle of his high-profile career and legal troubles that sent him to prison . He was still paying off his $ 18million in debts in 2014 - despite making $ 130million from the NFL and millions more from endorsement deals . 'We 've known that it can be very difficult for the average family to save , ' Cal Tech finance professor Colin F. Camerer , one of the researchers , told the Washington Post . 'But this is one group that you might think ought to be able to avoid bankruptcy . They 're in a position to buy some good advice if they need it . But even for them , with all these millions , it 's a challenge . '
High-profile bankruptcies include Warren Sapp , Vince Young and Michael Vick - all of whom earned tens of millions of dollars . 15.7percent of players go bankrupt within five years of leaving the league , researchers from Cal-Tech , Washington and George Washington found . Average player earns $ 3.2million over the course of a career . Bankruptcy rates are the same of the rest of Americans .