Here's how Chris Holtmann's new Ohio State basketball contract binds both sides together
Ohio State men’s basketball coach Chris Holtmann’s contract extension includes an annual raise of about $500,000 with built-in escalators that will push him near the $4 million mark annually by the end.
The contract, which was agreed upon in May and officially signed in early August, was obtained by The Dispatch via a public records request.
The new contract, which runs through the 2027-28 season, will see Holtmann earn an annual base salary of $1 million, a raise of $450,000 per year. That will remain fixed throughout the duration of the deal, but he will earn other raises as time progresses.
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Holtmann’s prior contract stipulated he would be paid $1,315,000 for all of his media obligations across various platforms. That number now increases to $1,365,000 – an increase of $50,000 – but will grow to $1,665,000 starting July 1, 2025. Holtmann’s initial contract signed in 2017 was set to expire following the 2024-25 season.
In addition to his base salary, Holtmann’s total compensation includes media payments, equipment payments, beverage sponsor payments and other benefits such as a monthly automobile stipend, access to tickets, a country club membership, access to a private jet and more.
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Should Ohio State want to terminate Holtmann’s contract prior to 2028, he would be owed his full remaining salary. And should Holtmann leave Ohio State early, he would have a significant financial penalty.
In order to leave Ohio State prior to June 30, 2023, Holtmann would be responsible for a $2.5 million buyout. That figure drops by $500,000 annually, meaning should he leave between that date and June 30, 2024, his buyout would be $2 million.
Since June 10, 2021, Holtmann would have had to pay Ohio State the total amount of severance it would owe his three assistant coaches at the time of his departure – a figure that changes, but one that in general has been in the low hundreds of thousands of dollars. That, plus his on-court success, made him a desirable candidate to multiple high-profile job openings in recent years.
In five seasons with the Buckeyes, Holtmann has a record of 107-56 (.656) and has gone 58-42 (.580) in Big Ten play. He reached 100 wins at Ohio State with a Jan. 27 win at Minnesota, becoming the third-fastest coach in program history to reach that total behind Thad Matta and Fred Taylor.
Ohio State has won at least 20 games in all five seasons under Holtmann and has qualified for the NCAA Tournament in all four seasons during which it has been played. It is one of three Big Ten teams to have been projected to play in March Madness for all five seasons, joining Michigan and Michigan State.
Holtmann was the 2018 Big Ten coach of the year and has coached the league’s player of the year (Keita Bates-Diop, 2018) and freshman of the year (Malaki Branham, 2022). This year, Branham became Holtmann’s first player to be selected in the first round of the NBA draft and also his first one-and-done player. Two-time first-team all-Big Ten player E.J. Liddell was selected in the second round, giving the Buckeyes multiple draft picks in the same season for the first time since Greg Oden, Mike Conley and Daequan Cook were all taken in the first round of the 2008 draft.
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This article originally appeared on The Columbus Dispatch: Ohio State, Chris Holtmann bound together tighter in new contract
