Ohio State QB Cardale Jones -- That's a LOT of Jewelry ... For a College Kid

Ohio State Buckeyes star Cardale Jones currently makes ZERO dollars as a college athlete ... but this baller on a college budget has a nice little jewelry collection.

Jones posted a "sneak preview" of what he's planning to rock to the ESPYs tonight -- a collection composed of a Gucci watch, Louis Vuitton shades, gold chains, another gold Invicta watch, diamond earrings and a gold belt buckle.

Oh, and his National Championship ring.

For some reason, Jones pulled the video off his Instagram after some of his followers began to question how he could afford such fancy stuff on his NCAA income.

But here's the deal ... at the end of the day ... it might not even be his stuff. Or it could be fake.

Or maybe he's done really well in the stock market.