text: 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.'
target: 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 12 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 .