You need at least two credited seasons to be eligible for a severance payment. Severance is paid as a lump sum post-retirement check. You will receive the payment on the quarter-end date following one full year without any NFL contract activity. The amount you will receive is based on the number of credited seasons you have, and the years in which you played. For example, for the years 2017-2019, you receive $22,500 per credited season. For the years 2020-2022, you receive $30,000 per credited season. Due to the COVID-19 ramifications and updated CBA, funding for this benefit will not take place until after the 2023 league year.
If you die before receiving your severance payment, it will be paid to a surviving spouse, or to your estate in the absence of a surviving spouse. Should you return to football after receiving a severance payment, you can collect additional severance at a later date, but only for the years played after the initial payment.