Former Cleveland Browns quarterback went bankrupt after retiring
Bernie Kosar earned millions during his 12 seasons in the NFL, but his financial decisions after football eventually led him to file for bankruptcy.
Making it to the NFL represents the peak of a career built over years for many players, but reaching that level does not guarantee that financial success will last once the sport is over. The case of Bernie Kosar, former Cleveland Browns quarterback, shows that other side of professional football .
From one of the highest-paid quarterbacks to a new chapter
During his 12 seasons in the NFL, from 1985 to 1996, Kosar earned nearly $20 million in salary . At the time, those figures placed him among the league's highest-paid players, particularly after his 1989 contract extension with Cleveland reached $15 million over six years.
That deal came after Kosar had established himself as one of the Browns' top stars. The contract included a $3 million signing bonus and temporarily put his annual earnings above those of Joe Montana , one of the most prominent names of that generation.
The money kept growing, but his career did not last forever
In 1993, Kosar signed another extension with Cleveland, this time worth $27 million over seven years . However, just five weeks later, the quarterback was released by the team amid his conflict with then-head coach Bill Belichick, before continuing his career with the Dallas Cowboys .
Three years later, in 1996, Kosar ended his career as a professional player. That marked the beginning of a completely different chapter in his relationship with money: it was no longer about negotiating contracts or preparing for another season, but deciding what to do with the wealth he had accumulated during a career that was now over.
His investments eventually took a toll on his wealth
After retiring, Kosar put part of his money into different business investments. However, several of them suffered major losses following the 2009 global recession, significantly reducing his wealth.
The problem ultimately became much bigger than a single bad investment. According to the available information, Kosar eventually filed for bankruptcy with $18.9 million in liabilities .
The process formally ended after a judge ordered the liquidation of his assets . In the end, the story of one of Cleveland's most recognized quarterbacks also became a reminder of what can happen to an athlete's fortune after retirement.
