Fernando Mendoza Gifted $20K Iced-Out Watch From Teammate

The Indiana Hoosiers love their quarterback, Fernando Mendoza -- especially Elijah Sarratt ... who gifted the Heisman winner a $20,000 watch right before the College Football Playoff championship game!!!

TMZ Sports has learned the star Hoosiers receiver reached out to ShopGLD with the idea of getting something special for Mendoza -- not only to recognize his leadership, but also for helping the team make it to the CFP title game.

Mendoza, 22, was captured on video receiving his gift this week ... and judging by the ear-to-ear smile, it's safe to say he loved it!

We're told it's an iced-out watch "with approximately 2,500 hand-set stones" ... and its price tag is $20,000!!

Sarratt -- who transferred to IU in 2024 -- also treated himself by getting a GLD pendant and chain that has a combined 10,000 hand-set stones, valued at $35K!

Sarratt and Mendoza were a dynamic duo all season long ... combining for 15 touchdowns and 802 yards while helping the team to a perfect 15-0 record.

Mendoza -- who's projected to be the No. 1 overall draft pick -- also secured several awards, including the Heisman Trophy, the Maxwell Award, and the Walter Camp Award.