I remember this term from movie titled “Blue Chips” that came out years ago starring Shaquille O’neal and Penny Hardaway as 2 “blue chip” basketball players being recruited by a college coach.
Ever hear of “blue chip” stocks? The term blue chip refers to a well-established company that has stable earnings. Typically they are known as a safe bet and continue to pay regular dividends even when the company isn’t performing at its best.
The term comes from poker where blue colored chips are usually the most valuable.
In sports, the term probably means a player who is a safe bet and has a very small chance of being a liability. Basically, somebody who is going to make it and be able to last in the league (similar to how most blue-chip stocks are older companies).
I have heard the term On NCAA football games for the good prospects to recruit for your college.
For football and basketball a Blue Chip athlete is the top 50 in the nation.