Buckeyes owe Holtmann $8.6M after firing
Ohio State will pay former men's basketball coach Chris Holtmann more than $8.6 million after firing him during the middle of last season. The money will be paid out in monthly installments through June 30, 2028.
According to a copy of the termination agreement, which was signed by both parties on March 14 and acquired by The Dispatch via a public records request, Ohio State's payments are reduced by $125,000 each month thanks to Holtmann accepting the job as DePaul's head coach. That saves OSU $6,375,000.
If not for the DePaul job, Ohio State would owe Holtmann $14,990,706.25 on account of the three-year extension Holtmann signed in August 2022 that would have paid him nearly $4 million in the final year of the contract. But Holtmann's contract also stipulated that should he not pursue a comparable position following a termination without cause, Ohio State would no longer be responsible for any post-termination payments.
From Feb. 15, 2024, through June 30, 2025, Holtmann will be paid $155,669.15 in 16 monthly installments. From July 1, 2025, through Feb. 14, 2026, he will be paid $187,499.99 in seven monthly installments.
For the remainder of the contract, the monthly payments will be $171,874.99.
The buyout numbers could be impacted by Holtmann's situation at DePaul. A contract raise would likely result in corresponding smaller payments from Ohio State, while a termination or reduction in salary could result in larger payouts from Ohio State.
Holtmann signed a six-year deal at DePaul that has him under contract through the 2029-30 season. In seven years with the Buckeyes, Holtmann's teams went 137-86 and 67-65 in the Big Ten. Ohio State finished second in the regular-season standings in 2017-18, his first season with the program, and Holtmann was named Big Ten Coach of the Year as a result. The Buckeyes reached the NCAA Tournament during his first four years in which the event took place and would have been an at-large selection for the 2020 tournament that was canceled due to the COVID-19 outbreak.
He was fired Feb. 14 after a loss at Wisconsin dropped Ohio State to 14-11 overall and 4-10 in the Big Ten. In a press conference later that evening, outgoing athletic director Gene Smith said he regretted the contract extension and took responsibility for the decision while allowing incoming athletic director Ross Bjork to hire Holtmann's replacement.
Bjork hired Jake Diebler, Holtmann's former associate head coach who stepped up as interim coach to close out the season. He signed a five-year contract paying him $2.5 million annually.