The players have been awarded one ring apiece for winning the SEC, for winning the BCS National Championship Game, and another for winning the NCAA football title.
Fancy as they are, the rings cannot exceed a certain value due to NCAA rules. The conference championship rings are not allowed to be worth more than $325, and the national championship bling may not be worth more than $415.
It's a good thing these rings are being awarded to athletes, because it looks like wearing all of them at once is going to be quite the workout.