Ohio State coach Jake Diebler's new contract to pay him $2.5 million annually
Ohio State has signed new men's basketball coach Jake Diebler to a five-year contract with an annual base salary of $2.5 million.
The terms of the contract, which was agreed upon Saturday and finalized Sunday, were distributed Monday afternoon at the conclusion of Diebler's introductory press conference at Value City Arena. It begins today and runs through April 30, 2029. As associate head coach, Diebler was making a base salary of $500,000 per year on a contract set to expire at the end of June.
Previous coach Chris Holtmann, who was fired on Feb. 14, was making roughly $4 million per year. He was paid a $12.5 million buyout, but some of that will be negated by his new contract at DePaul.
Diebler can earn multiple bonuses along the way. Winning or sharing the Big Ten regular-season title would net a $25,000 bonus while winning the Big Ten Tournament would net $50,000.
Advancing through the NCAA Tournament would also earn increasingly larger bonuses. Earning an at-large selection to participate in March Madness earns a $25,000 bonus, reaching the Sweet 16 earns $50,000, the Elite Eight nets $75,000 and the Final Four a $100,000 bonus.
Ohio State Buckeyes: Join the Ohio State Sports Insider text group with Bill Rabinowitz, Joey Kaufman Adam Jardy
Should the Buckeyes win their first national championship since 1960, Diebler would earn a $250,000 bonus and not be eligible for the Final Four payment.
There are also bonuses for winning Big Ten or national coach of the year. Bringing home one or both would earn $50,000.
In the classroom, Diebler will earn a $50,000 bonus if the team's cumulative grade-point average is between 3.0 and 3.4 on May 30 and $100,000 if it is higher than 3.5.
The final agreement is expected to be authorized and voted upon by the Ohio State Board of Trustees at its next available meeting.
Get more Ohio State basketball news by listening to our podcasts
This article originally appeared on The Columbus Dispatch: Jake Diebler to make $2.5 million annually as Ohio State head coach
