Ohio State reached an agreement in principle with Ryan Day earlier this week, extending his contract through the 2031 season and making him the second-highest paid coach in major college football.
Day is due to receive $12.5 million as part of his annual compensation package, according to a copy of a terms sheet obtained Thursday by The Dispatch through a public records request.
The raise is on the heels of Day leading the Buckeyes to their first national championship in a decade, guiding them through the inaugural 12-team College Football Playoff last month with four consecutive postseason wins
Following the championship run, Day joined Georgia’s Kirby Smart and Clemson’s Dabo Swinney as the only active coaches in the Football Bowl Subdivision to win a national title.
Day, who took over for Urban Meyer full-time in 2019, has a 70-10 overall record as the Buckeyes’ coach.
While the extension and raise for Day remain subject to approval by the university’s board of trustees, here are the details from the terms sheet:
Ryan Day contract details
Day’s annual compensation is made up from his base salary ($2 million), media services ($7.25 million), sponsorship services ($1 million), retention award ($1 million) and apparel, shoe and equipment services ($1.25 million).
The full term of the agreement is through Jan. 31, 2032, spanning the Buckeyes’ next seven seasons.
Day is also eligible for an additional retention award of $250,000 if he remains at the helm of the program on Jan. 31, 2027.
After taking effect last Saturday, the total value of the contract is $87.75 million, not including possible performances incentives.
Ryan Day buyout details
If Ohio State is to fire Day without cause, it would owe him liquidated damages from his base salary, media services, sponsorship services and apparel, shoe and equipment services, adding up to $11.5 million per year. Retention payments are not included in buyout pay
The buyout remains subject to mitigation as under previous agreements, requiring Day to attempt to find and secure other work to help offset any potential severance.
If Day leaves Ohio State for another job within the next year, he would owe the school $6 million. The amount drops to $4 million next February, then by $500,000 in each of the subsequent years
