Dick Kazmaier, a Princeton halfback who won the Heisman Trophy in 1951 as the nation’s outstanding college football player, but who rejected a career in the National Football League, saying he had achieved all he wanted in the sport and could make more money in business, died on Thursday in Boston. He was 82.

The cause was heart and lung disease, said Bob Ruxin, the president of Kazmaier Associates, an investment and financial consulting business with a special interest in sports.

Kazmaier, the last Ivy Leaguer to win the Heisman, an athlete who won varsity letters in five sports in high school and graduated second in his class, went from Princeton to graduate school at Harvard and a rewarding, lucrative career. He was chairman of the President’s Council on Physical Fitness under Presidents Ronald Reagan and George H. W. Bush and president of the National Football Foundation and Hall of Fame.

But he is best remembered for exploits on the football field that almost surely would have continued in the professional game if he had chosen that path.