Imagine you’re a junior in college with a year left until graduation. You’ve met lots of friends, studied hard, and excelled in your major. School has been great, and the end is in sight. You also happen to be a college athlete. But not just any athlete – the kind that NFL analysts and scouts praise as one of the best prospects ever, the kind that get offered ten-figure contracts. What are you going to do next year?

This was the question for Stanford quarterback and 2010 Heisman Trophy runner-up Andrew Luck after winning the final game of his junior year: spend his senior year at Stanford and graduate, or drop out and enter the NFL. The NFL team that will have the number one pick in the 2011 draft, Carolina, had already said they would pick him. His contract would have give him more than enough money to sustain him and his family for a lifetime, as high as $80 million by some estimates.

But Luck said no. He chose to return to Stanford this fall and finish his degree in architectural design, presumably entering the NFL draft next spring.

As some critics have pointed out, Luck is taking a big chance by postponing the NFL to finish his degree:

1. Luck risks getting injured during his final year at Stanford, potentially reducing his draft position or even ending his career. (sure, things have worked out OK for former Oklahoma quarterback Sam Bradford after his season-ending shoulder injury in 2009, but still…)
2. Luck risks having a less successful season next year, which could also reduce his draft position and potential income.
3. Luck risks losing millions of dollars due to the proposed rookie salary cap that could be in effect by the 2012-2013 season.

Obviously, all three of those arguments ride on money. Luck apparently values other things more highly. Surely he understands that one day his football career will end and the rest of his life will begin. Perhaps he really enjoys his major or the college atmosphere. Perhaps he wants to work in architecture someday and understands how difficult it could be to return to Stanford later to finish his degree if he takes a break now. Sure, the extra millions Luck would make by going pro this year would eliminate the need to work ever again, but he decided it was worth it to stay in school. Or perhaps he simply wants the satisfaction of completing his degree and thinks a Stanford diploma would look good on his wall.

Hall of Famer Emmitt Smith, who left the University of Florida for the NFL in 1990 after his junior year, returned to Florida during the offseasons to finish. It took him six years. One of the main reasons he even went back was a promise he made to his mother that he wouldn’t buy a house until he finished his degree.

Do you agree with Luck’s choice? Is finishing college that important, even for someone who could make tens of millions guaranteed in the NFL? Or is Luck making a bad decision? What would you do in his situation?

Although I definitely respect Luck’s decision and dedication, I would probably take the money and run to the pros, promising my parents that I would go back and finish like Emmitt did. Sorry, Mom!